Greaves Cotton announces Q2 FY22 highlights with consolidated revenue growth at 13%:
- New Business continues to accelerate with more than 40% contribution in overall business
- Greaves Electric Mobility records 85% volume and 111% revenue growth in Q2FY22 vs Q2FY21
- Launched AutoEVmart, one of the earliest multi brand EV
- Restructuring and consolidation enhances efficiencies and expected to yield annualized fixed cost reduction of >15% vs FY20
- With new products, financing and higher demand pull from growing network; Oct’21 sales cross 5000 units as on 25th Oct’21
- Greaves Cotton Limited, one of India’s leading and diversified engineering companies, announced Q2 FY22 results with revenue growth at 13% at Rs. 374 Crore in Q2 FY22 as against Rs. 330 crores in Q2FY21. Normalized EBIDTA (without one-time costs) is at Rs. 3 crores in Q2FY22. Revenue grew by 63% compared to Q1FY22.
- Greaves E-mobility business recorded higher sales in Q2 FY22 when compared with Q2 FY21, with 111% revenue growth. As a result of this progress, the company now has over 100,000 EV consumers & growing month-over-month across India and is one of the fast-growing EV brands in the country. Moreover, October witnessed highest sales numbers for Greaves Electric Mobility standing at 5,000 units as on 25th Oct’21 & exceeded 500 retails in one day.
Commenting on the company performance, Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, “The Company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions.
Our diversification strategy has resulted in accelerated growth across all business areas with higher operational efficiencies and surplus cash to drive transformative growth with new agility & resilience in future.” He added.
In the recent quarter, Ampere electric 2W has seen a substantial increase in sales volume. The high-speed electric scooter range Magnus EX was recently launched in the market with encouraging responses from a variety of stakeholders. Greaves electric mobility is gaining popularity in the mass mobility category as demand for its electric two-wheelers (Ampere electric scooters) and electric three-wheelers (Ele electric rickshaws & MLR e-autos) has been increasing month-on-month.
