Greaves Cotton Limited, one of India’s leading last-mile mobility companies, announced its consolidated revenues of INR 827 crores for Q4FY23, recording a healthy growth of 33% over Q4FY22. The Company has reported an improvement in margins with quarterly EBITDA at INR 49 crores.
The electric mobility business of Greaves recorded the highest-ever quarterly revenues of INR 383 crores, and sales of ~39K units. Ampere Electric two-wheelers continued to be ranked amongst India’s top three electric vehicle manufacturers (Source – Vahan Portal). This reflects the trust the Ampere brand enjoys and the growing adoption of electric mobility in India.
On a standalone basis, Company reported revenues of Rs. 437 crores with a significantly improved EBITDA margin of 12%. Greaves Retail added over 71 new stores in FY23, retailing 11 brands and continuing its growth momentum. B2C businesses contributed 66% to the overall revenues in this quarter, reflecting the results of the diversification strategy.
On a consolidated basis, Company reported revenues of INR 2,700 crores, up 58% and EBITDA at Rs. 133 crores. The auto and non-auto applications businesses registered a growth of 77% and 17%, respectively.
On May 8, 2023, the Company completed the acquisition of a 60% equity stake in Nagpur-based Excel Controlinkage. Excel Controlinkage is one of the most profitable companies engaged in manufacturing Push Pull cables, Motion sensors & Controls.
Commenting on the Company’s Q4 FY23 performance, Mr. Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited, said, “Greaves Cotton has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units. Our talented leadership team has been instrumental in this success, and we continue to invest heavily in building competitive advantages in clean technology, product innovation, and design. As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence.”
