Home / Companies / Company Results /  Greaves Cotton posts highest quarterly revenue of 699 crore in Q2 FY23

NEW DELHI: Greaves Cotton, one of India’s leading diversified engineering companies reported a record quarterly revenue of 699 crore for the July-September, which was up 87% year-on-year (YoY), the company said in a press release. Quarterly Ebitda also rose to 43 crore.

“The electric mobility business of Greaves recorded highest ever quarterly revenues of 318 crore, and sales of 33,000 units. This reflects the trust enjoyed by the Ampere brand and the growing adoption of electric mobility in India," the company said.

Greaves Retail added over 40 new stores in year to date in FY23, retailing more than 15 brands and the B2C businesses contributed 65% to the overall revenues in this quarter, which, it said, reflects the success of the diversification strategy. Ampere, the electric two -wheeler brand, continued its leadership position and remained among top three players in the segment.

Auto applications business registered YoY growth of 109%. The non-auto applications segment registered YoY growth of 17%.

In the first half of FY23, consolidated revenues were at 1,359 crore, up 126% YoY.

Nagesh Basavanhalli, executive vice-chairman, Greaves Cotton, said, “We are happy to announce the growth across different business units, resulting in highest ever quarterly revenues, and consistent improvement in profitability. Our focus on accelerating adoption of electric vehicles and transforming last-mile mobility with clean transport solutions, have strengthened our leadership position in this fast-growing market. Led by a strong & passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation and design".

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