- New Business continues to accelerate with 29 % contribution in overall business
- Gears up to bounce back with a slew of new investments in technology, talent & consumer lifecycle experience
Greaves Cotton Ltd., one of India’s leading and diversified engineering companies, announced Q1 FY22 results with consolidated revenue growth of 47% at Rs. 229 crore in Q1 FY22 as against Rs. 156 crore in Q1 FY21. EBIDTA loss reduced from Rs.27 crore in Q1 FY21 to Rs. 17 crore in Q1 FY22 while loss after tax is at Rs. 22 crore in Q1 FY22. New businesses continue to contribute higher in overall portfolio and stand at 29%.
Ampere e2W has experienced growth with significant demand nationwide from both consumers and new channel prospects. The brand is gaining popularity as the demand for its electric two-wheelers (electric scooters) and electric three-wheelers (electric rickshaws) grows in the mass mobility segment. Recently, Ampere achieved the milestone of over 1 lakh customers.
Greaves also has seen signify traction with non-automotive business. The company has introduced new products into the marine and light construction equipment business which are key sectors contributing significantly to the overall economic growth and progress of our nation. The company is moving on the path to faster recovery with rising interest from customers and fresh business inquiries (both B2B & B2C).
To cater to growing demand the company has increased investment in technology, talent development & creating best-in-class consumer touchpoint experiences. Greaves also internally restructured their business operations combining automotive & non-automotive verticals to bring enhanced focus across all the businesses & drive higher efficiencies. The company is foraying into multi-brand EV retail and building robust EV ecosystem support and right consumer facilitation with intensified phygital commerce and a new experience center. Moreover, Greaves Finance, the company’s NBFC for financing electric vehicles, intends to boost the broader mobility ecosystem, particularly the e-mobility market, by providing easy financing options.
Commenting on the company performance, Nagesh A. Basavanhalli, Group CEO and Managing Director, Greaves Cotton Ltd., said: “We are experiencing decent growth post unlock after the 2nd wave as a result of our commitment and future-forward strategy, particularly because of the e-mobility and non-automotive business, the new businesses now contributing 29% of the overall business. We have taken several steps to enhance the safety and well-being of our entire value chain. With strong fundamentals, we remain optimistic about the business growth in upcoming period.”
The well-defined portfolio includes automotive, non-automotive, retail, e-mobility, and finance. The company is actively participating in supporting livelihood, creating positive difference lives of people, and fostering the socio-economic progress of our nation. The efforts are in line to make the organization agile, resilient, and ready for the future.