Greaves Cotton reports 314.5% sequential rise in Q4 PAT to ₹27 cr, declares dividend; key highlights here | Mint
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Business News/ Markets / Stock Markets/  Greaves Cotton reports 314.5% sequential rise in Q4 PAT to 27 cr, declares dividend; key highlights here
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Greaves Cotton reports 314.5% sequential rise in Q4 PAT to ₹27 cr, declares dividend; key highlights here

Greaves Cotton posted a strong growth in its Q4 earnings with PAT rising by 59.5% YoY to ₹26.65 crore and revenue up by 33% YoY to ₹827 crore. The company also declared dividend.

The company's stock price tumbled by 5% after the Q4 numbers. Premium
The company's stock price tumbled by 5% after the Q4 numbers.

Leading diversified multi-product and multi-location engineering company, Greaves Cotton reports strong growth in consolidated Q4FY23 PAT of 26.65 crore, which is attributable to the owners of the company. The Q4 PAT sees double-digit growth of 59.5% from 16.71 crore in Q4FY22. But sequentially the growth is at a whopping triple-digit 314.5%.

In December 2022 quarter, the PAT was at a mere 6.43 crore.

The company posted a consolidated revenue of 827 crore in Q4FY23, recording a healthy growth of 33% over Q4FY22. Quarter-on-quarter basis the revenue is up at a larger scale by 61.13% from 531.33 crore in Q3 of FY23.

Notably, the firm's electric mobility business registered the highest-ever quarterly revenues of 383 crore and sales of ~39K units.

Read here: Auto sales: Domestic passenger vehicle wholesales rise 13%, two-wheeler dispatches up 15% in April

Also, Greaves Cotton said, Ampere Electric two-wheelers continued to be ranked amongst India's top three electric vehicle manufacturers (Source – Vahan Portal). This reflects the trust the Ampere brand enjoys and the growing adoption of electric mobility in India.

Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited, said, "Greaves Cotton has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units."

Further, he added, "Our talented leadership team has been instrumental in this success, and we continue to invest heavily in building competitive advantages in clean technology, product innovation, and design. As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence."

Read here: Canara Robeco Mutual Fund-backed Vijay Kedia stock hits life-time high. Do you own?

In a meeting scheduled on Friday, the company declared a dividend of 0.90 per share (45%) on the face value of 2 each for the financial year ended 31st March 2023, subject to approval of the shareholders at the ensuing annual general meeting.

However, on BSE, Greaves Cotton's share price traded at 154.10 apiece down by 4.8%.

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Published: 12 May 2023, 03:11 PM IST
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