Greaves Cotton announced Q1FY23 results: Greaves Cotton announced its consolidated revenues of Rs 660 crore for the quarter ended June 30, 2022, recording a healthy YoY growth of 188% over Q1FY22. The Company reported improved growth in profit with EBITDA at Rs 38 crores and Profit after tax at Rs 16 crores The new businesses continue to see strong growth with 56% revenue contribution to the overall business in Q1FY23 The retail sales of EMobility business stood at 29,577 units for this quarter, up by 19 % against Q4FY22 Ampere increased its market share to 15.5% as of end June 2022 and emerged as the No.2 player in e2W segment Commenting on the company’s performance, Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton Limited, said, “FY22 has been a year of growth acceleration for us. The results of Q1 FY23 reflects the successful beginning of translating a future facing business strategy. It is not only reflecting in the market demand for our products but also positioning us as an attractive investment destination to global investors. The recent investment of Rs.1171 crores by Abdul Latif Jameel into Greaves Electric Mobility adds significant momentum to expanding our capability, our product portfolio and market reach, acquiring new technology and building our leadership. This momentum is also building a new spirit of entrepreneurship, motivating our talent force. 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” Result PDF
Conference Call with Greaves Cotton Management and Analysts on Recent Updates. Listen to the full transcript.