Greaves Cotton Limited, one of India’s leading and diversified engineering companies, continues its growth momentum with consolidated revenues at Rs. 495 crore in Q3FY21 and EBIDTA was at Rs. 49 crore in Q3FY21. This represents around 50% growth in revenues over the previous quarter.
In the automotive business, shared mobility continues to be impacted due to COVID; however, our BSVI engines have shown superior performance and have been well accepted in the Cargo 3W segment where growth has rebounded. In other segments like Non-Auto, Aftermarket the growth has been back to pre-COVID levels. In the E-Mobility segment, the Company has crossed last full year sales in nine months despite COVID lockdown.
The E-Mobility Business under Ampere Electric continues on its mission to decarbonize last-mile transportation with a wide range of Ampere electric scooters (2-Wheelers) and ELE e-rickshaws (3-Wheelers). There has been the addition of 80+ outlets since unlock & Ampere e2W business touching new milestone of 300 dealerships & 75000 customers. The Company also registered good growth with ELE in E-rickshaw segment. To enhance access of affordable & reliable last mile clean mobility solutions, Ampere electric has stepped up its phygital efforts & have further strengthened efforts to build a comprehensive ecosystem support and distinctive retail consumer experience.
Commenting on the company performance, Nagesh A Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, “The Company has fortified its base with emphasis on building resilient cost structures and consolidation of engine operations at Aurangabad. Furthermore, new EV capacity expansion plans in South India will help us provide best-in-class electric vehicles & help accelerate overall EV adoption in India.”
Greaves continues its legacy of creating customer-friendly solutions & enhancing productivity for millions of end-users across the globe. The investments to grow the business continues with a higher emphasis on technology innovation, people care & profit margin improvements across all the product lines.