Diversified engineering company Greaves Cotton has announced its consolidated revenues of INR 699 crore for Q2FY23, recording a growth of 87% over Q2FY22.The company has improved it's margins with quarterly EBITDA at INR 43 crore.
The electric mobility business of Greaves recorded the highest ever quarterly revenues of INR 318 crore, and sales of around 33K units. Greaves retail added over 40 new stores in YTD FY23, retailing 15+ brands and continuing its growth momentum.
B2C businesses contributed 65% to the overall revenues in this quarter, reflecting the success of the diversification strategy. Ampere, the E 2-wheeler brand continued its leadership position and remained within the top three players in the e2W segment. (Source – Vahan Portal).
The auto applications business registered YoY growth of 109%. The non-auto applications registered YoY growth of 17%. In H1, the company reported a consolidated revenue of INR 1,359 crore with YoY growth of 126%.
Nagesh Basavanhalli, Executive Vice Chairman, Greaves Cotton, said, “Our focus on accelerating adoption of electric vehicles and transforming last mile mobility with clean transport solutions, has strengthened our leadership position in this fast-growing market. Led by a strong & passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation, and design.'
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