- New Business continues to accelerate with more than 40% contribution in overall business
- Greaves Electric Mobility records 85% volume and 111% revenue growth in Q2FY22 vs Q2FY21
- Launched AutoEVmart, one of the earliest multi brand EV
- Restructuring and consolidation enhances efficiencies and expected to yield annualized fixed cost reduction of >15% vs FY20
- With new products, financing and higher demand pull from growing network; Oct’21 sales cross 5,000 units as on 25th Oct’21
Greaves Cotton Ltd., one of India’s leading and diversified engineering companies, announced Q2 FY22 results with revenue growth at 13% at Rs. 374 crore in Q2 FY22 as against Rs. 330 crores in Q2FY21. Normalized EBIDTA (without one- time costs) is at Rs. 3 crores in Q2FY22. Revenue grew by 63% compared to Q1FY22.
Greaves E-mobility business recorded higher sales in Q2 FY22 when compared with Q2 FY21, with 111% revenue growth. As a result of this progress, the company now has over 100,000 EV consumers & growing month-over-month across India and is one of the fast-growing EV brands in the country. Moreover, October witnessed highest sales numbers for Greaves Electric Mobility standing at 5,000 units as on 25th Oct’21 & exceeded 500 retails in one day.
The company has strengthened its portfolio with the recent acquisition (subscribed to 26% stake) of MLR Auto, adding L5 cargo units and electric auto in the product range. In addition, Greaves Electric Mobility announced 26% per cent balance acquisition of Bestway Agencies Pvt. Ltd. (BAPL), which sells E-Rickshaws under the popular ELE brand. At the same time, with the launch of Multi-brand EV retail store, AutoEVmart, the brand is building a best in class experience for EV buyers. The first AutoEVmart store was launched in Bengaluru and has seen significant traction for its stylish & contemporary e-cycles and e-scooters. In last few years there has been significant transformation from single product, single fuel portfolio to now with diverse high growth segments like electric mobility, Retail with lucrative growth potential in future.
Commenting on the company performance, Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Ltd., said: “The company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions.”
“Our diversification strategy has resulted in accelerated growth across all business areas with higher operational efficiencies and surplus cash to drive transformative growth with new agility & resilience in future,” he added.
In the recent quarter, Ampere electric 2W has seen a substantial increase in sales volume. The high-speed electric scooter range Magnus EX was recently launched in the market with encouraging responses from a variety of stakeholders. Greaves electric mobility is gaining popularity in the mass mobility category as demand for its electric two-wheelers (Ampere electric scooters) and electric three-wheelers (Ele electric rickshaws & MLR e-autos) has been increasing month-on-month.
Greaves engines has also had a lot of success in the non-automotive sector. With Marine Pro and Relio Pro engines, the company has expanded its foothold in industries such as marine engines and construction equipment.
To meet rising demand, the company has boosted its investment in technology, people development, and the creation of best-in-class consumer touchpoint experiences. Greaves Finance, the business’s non-banking finance company for electric vehicles, aims to support the larger mobility ecosystem, by providing easy and affordable financing solutions for EV.
The well-defined portfolio includes Greaves Engine, Greaves Electric Mobility and Greaves Retail. Greaves Electric Mobility entails Ampere, ELE and Teja (after MLR’s acquisition). In addition to this, the company has established its Financing arm, Greaves Finance and Technology arm, Greaves Technologies. The company is actively supporting livelihood, making a good difference in people’s lives, and promoting our country’s socio-economic prosperity. The efforts are aimed at making the company more flexible, robust, and future-ready.