Greaves Cotton Reports Revenue Of Rs. 229 Crore In Q1 FY 2022

Greaves Cotton Limited, one of India's leading and diversified engineering companies, and parent company of Ampere Electric, has reported consolidated revenue growth of 47 per cent in the first quarter of FY 2021-22. The company reported consolidated revenue of Rs. 229 crore in the first quarter of 2021-22, as against Rs. 156 crore in the same period a year ago. The company announced in a statement that new business continue to contribute higher in overall portfolio and stand at 29 per cent. Earnings before interest, taxes, depreciation and amortization (EBITDA) loss reduced from Rs. 27 crore in Q1 FY 21 to Rs. 17 crore in Q1 FY 2022, the company said in a statement, adding that loss after tax is at Rs. 22 crore in Q1 FY 2022.

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Ampere Electric Vehicles has experienced growth with significant demand nationwide, from both consumers and new channel prospects, the company said in a statement. The brand is gaining popularity as demand for its electric two-wheelers (electric scooters) and electric three-wheelers (electric rickshaws) grows in the mass mobility segment, the company added. Recently, Ampere Electric achieved the milestone of over 1 lakh customers across India.

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Commenting on the company performance, Nagesh A Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, "We are experiencing decent growth post unlock after the 2nd wave as a result of our commitment and future-forward strategy, particularly because of the e-mobility and non-automotive business, the new businesses now contributing 29% of the overall business. We have taken several steps to enhance the safety and well-being of our entire value chain. With strong fundamentals, we remain optimistic about the business growth in upcoming period."

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Greaves also has seen signify traction with non-automotive business, the company stated, adding that new products in the marine and light construction equipment business have been introduced, which are key sectors. The company is also moving on the path to faster recovery with rising interest from customers and fresh business inquiries (both B2B & B2C).

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To cater to growing demand, the company has increased investment in technology, talent development and creating best-in-class consumer touchpoint experiences, the statement added. Greaves has also internally restructured their business operations combining automotive and non-automotive verticals to bring enhanced focus across all the businesses and drive higher efficiencies. According to the statement, the company is foraying into multi-brand EV retail and building a robust EV ecosystem support with intensified phygital commerce and a new experience centre.