Greaves Cotton Limited, one of India’s leading diversified engineering companies, has reported standalone revenues of Rs 459 Crores for the second quarter of fiscal year 2024. The Company has reported an improvement in standalone margins, with quarterly EBITDA at INR 64 crores, a growth of 42% over the first quarter of FY24.
The Company is making substantial progress with a strong and diversified strategy across various business sectors. Greaves Engineering has expanded its product portfolio to meet diverse market demands and drive significant export growth. Simultaneously, Excel Controlinkage is on an impressive growth trajectory, fueled by its commitment to tailored solutions and expanding into mechatronics and electronics. In the electric mobility sector, Greaves Electric Mobility maintains its position among the Top Five players in electric two-wheelers (E2W)* and achieved a significant milestone with its highest-ever quarterly sales in the electric three-wheeler (E3W) segment, marking a remarkable 75% increase from the first quarter of FY’24. Their recent announcement with the Greaves ELTRA 3W cargo vehicle launch reflects their dedication to innovation and market diversification.
Greaves Retail has made substantial progress in bolstering its market presence by expanding its multi-brand distribution network for two- and three-wheelers, offering a comprehensive range of spare parts. Additionally, Greaves Spares is expanding its distribution network in northern and eastern India, poised for increased domestic and international traction soon. These accomplishments showcase the Company’s commitment to innovation, market expansion, and sustainable mobility solutions.
Commenting on the Company’s Q2, FY24 performance, Mr Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, said, “We have made substantial strides in our journey towards becoming a full-stack ecosystem player focused on democratising sustainable mobility. Our diversified portfolio and fuel-agnostic strategy have played a pivotal role in our journey. Excel Controlinkage is demonstrating impressive growth and a significant increase in EBITDA. Furthermore, our acquisition of MLR contributes to our ongoing efforts to strengthen our presence in the 3-wheeler market, aligning with our goal of sustainable margin improvement.”
Ms. Akhila Balachandar, CFO, Greaves Cotton Limited, added, “We are pleased to announce that this quarter, standalone, we have delivered a robust performance with 23% y-o-y growth in revenues, 91% y-o-y growth in EBITDA along with improvement in the margins. We are confident that our strong foundation and unwavering commitment to excellence will sustain our success in the forthcoming quarters and the exciting future opportunities.”