BackGreaves Cotton Q4 revenues down 32% YoY
Profit after tax (PAT) for the last fiscal stood at ₹148 crore, down 12% YoY from ₹169 croreTotal revenues from the engine segment were at ₹331 crore for Q4FY20, down 33% YoY from ₹492 crore from year-ago period
PremiumMUMBAI : Manufacturer of diesel engines, gensets and electric two-wheelers, Greaves Cotton Ltd has reported a decline of 32% YoY in its standalone revenue from operations, which stood at ₹360 crore for the March quarter. The company had posted total revenue of ₹528 crore for the year-ago period.
While the March quarter was stressed as the market came to a halt due to the pandemic, the company’s FY20 standalone revenue from operations were at ₹1821 crore, down 8% YoY from ₹1988 crore in FY19.
Profit after tax (PAT) for the last fiscal stood at ₹148 crore, down 12% YoY from ₹169 crore. The company reported that it’s earnings before interest, taxes, depreciation, and amortization or Ebidta was at ₹228 crore in FY20 as against ₹275 crore in FY19.
“FY20 has been an unusual year in terms of economic slowdown and the pandemic which has impacted lives and livelihoods. We have implemented safe working practices within our factory locations, reduced our working capital exposure and worked to build capability of our employees and customer facing teams. We continue to accelerate our new business initiatives and find newer levers of growth," said Nagesh Basavanhalli, managing director and chief executive officer at Greaves Cotton.
The company’s consolidated financial statement points out that while bulk of its revenues still come from supplying CNG, petrol and diesel engines for automotive and other applications, electric mobility is a fast growing component.
At ₹35 crore, the revenue from electric mobility has more than doubled for Greaves Cotton for the March quarter when compared to revenue of ₹16 crore in Q4FY19.
Total revenues from the engine segment were at ₹331 crore for Q4FY20, down 33% YoY from ₹492 crore from year-ago period.
Meanwhile, the company’s revenue in the electric mobility segment has increased from ₹35 crore in FY19 to ₹127 crore in FY20 on the back of new model launches and expansion in its retail and service network.
The company had acquired electric vehicle (EV) startup Ampere Vehicles as part of its long-term strategy of making a full-scale foray into the EV domain to capitalize on the government’s push for electrification.
Greaves now claims to have a share of 21% in the local electric two-wheeler market where it competes with other organized players such as Hero Electric, Okinawa Autotech Pvt Ltd, Ather Energy among others. The company has a network of more than 200 electric vehicle dealerships across India.
The e-mobility business is seeing growth with expansion, acquisition and new electric scooter launch soon, the company said in a statement on Friday.
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