Greaves Cotton Betting on E-Mobility Helps Company Report Maximum Quarterly Earnings
March 31, 2022, which was 19 percent more than the same period last year. Profit before tax (PBT) on exceptional items was Rs 33 crore.
For FY 2022, consolidated revenue was Rs 1,170 crore, an increase of 14 per cent over FY2021 and EBITDA was Rs 27 crore. In Q4 FY2022 the company saw a strong contribution from its new business (e-mobility), with FY2022 contributing 49 percent.
The accelerated expansion of the Greaves Cotton e-mobility business and the restructuring of the two- and three-wheeled e-mobility business under Greaves Electric Mobility and increased YoY contributed to higher revenue contributions from the auto engine business.
The company retails more than 62,000 EVs per year, which is 128 percent higher than the previous year’s retail sales of more than 27,000 vehicles. Performance was attributed to affordable technology with reliable technology stack, safety track record and after-sales support. The reduction in covid infection and recovery in consumer demand across the sector helped boost sales.
Furthermore, betting on the growth rate, Greaves Cotton increased the production capacity of the E-2W by launching the Ranipet plant with a current production capacity of up to 250,000 vehicles per year and expanding the product portfolio with the introduction of Ampere Magnus EX. With the launch of AutoEVMart, the first set of multi-brand EV retail networks in India, the company has strengthened its presence across the entire value chain of last-mile mobility.
Nagesh Basavanhalli, MD and Group CEO of Greaves Cotton, said, “The combined Q4 results are a clear demonstration of our business strategy to be a leading driver of Clean Energy Solutions in the last mile dynamics segment. At Greaves, we focus on investing in technology, building capabilities and capabilities, building empowered teams, and developing technology-enabled processes across all of our business value chains to deliver real value to both our customers and shareholders. As we move forward, we will continue to focus on more localized supply chain ecosystems, stronger product innovation, stronger brands, improved physical and digital distribution networks. “
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