- Greaves Electric mobility reports it’s highest ever volume growth of 162% over last year
- New business continues to accelerate with 54% contribution in overall business
Greaves Cotton Ltd., one of India’s leading and diversified engineering companies, reported continuing its growth momentum with revenue growth at almost 30% at Rs. 486 crore in Q3 FY22 as against Rs. 374 crore in Q2FY22. EBIDTA for Q3 FY22 stood at Rs. 14 crore.
This quarter has seen a positive recovery with host of activities; like launch of our flagship model Magnus EX, inauguration of EV mega factory in Ranipet, launch of Ampere Experience Centre and increasing demand for products across multiple segments boosted by increase in network.
Greaves’ New Business segments, such as Greaves Non-Automotive and New Mobility Business, have seen increased growth momentum and a better recovery due to positive demand with 54% contribution in overall business. Greaves non-auto small engines, which are widely utilized in Marine, Farm, Genset, Construction, and other industrial applications and Greaves Retail business, have reached Pre-COVID levels. Auto business continues to face headwinds with de-growth of 76%.
Greaves Electric Mobility Business comprising of Ampere (2-wheelers), ELE e-rickshaw and e-Autos, continues to add significant value with growth of 213% over Q3 FY21, while accounting for 37% in the overall revenue which is a testimony of growing need for affordable and eco-friendly personal mobility solutions. The recently launched Magnus EX is already receiving appreciation and has been catering to the waitlist orders.
In the e-rickshaw segment, ELE brand recorded a substantial jump marking a promising entry in the commercial mobility segment with 123% volume growth over Q3 FY21.
Commenting on the company performance, Nagesh A. Basavanhalli, Group CEO and Managing Director, Greaves Cotton Ltd., said: “The company has retained its leadership position in E-Mobility Industry by recording the best-ever sales for the quarter. Our Retail and Non-Auto businesses have shown resilience even under these market conditions. We recently inaugurated our largest EV manufacturing facility and an Experience Center at Ranipet, Tamil Nadu. This will herald a new fast-paced growth for GEM. With our strong fundamentals and growth- oriented focus, we remain optimistic of the future across our core businesses.”
The investments to grow the business continues with a higher emphasis on technology innovation, people care & profit margin improvements across all the product lines. Greaves will continue to enhance productivity for millions of end-users across the country.
More details on http://www.greavescotton.com