Greaves Cotton Limited has announced consolidated revenues of INR 660 crore for the quarter ended June 30, 2022, recording YoY growth of 188% over Q1FY22. The company reported improved growth in profit with EBITDA at INR 38 crore and profit after tax at INR 16 crore.
A majority, 56% of revenue, was contributed by the company’s new businesses. The retail sales of the E-Mobility business stood at 29,577 units for this quarter, up by 19 % against Q4FY22. Ampere by Greaves Cotton increased its market share to 15.5% as of June 2022 (Source – Vahan data).
The quarter-on-quarter performance growth is led by the company’s key business milestones such as rolling out the 50,000th Ampere electric scooter from the newly set up Ranipet facility, completion of growth capital infusion with Abdul Jameel Latif’s investment under the Electric Mobility segment, expansion of the multi-brand EV retail stores and higher earnings from the non-auto engine business.
Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton Limited, said, “Our relentless focus on getting closer to the consumer, entering new markets with innovative products, and establishing a strong brand that is earning consumer loyalty is helping us propel Greaves Cotton as a future-focused diversified company.”