Greaves Cotton Records 15% Revenue Growth In FY24 YoY

Greaves Cotton, one of India's engineering companies, has reported standalone revenues of Rs. 481 crores for the fourth quarter of fiscal year 2024, an increase of 10 per cent y-o-y.  The Company has reported an improvement in standalone margins with quarterly EBITDA at Rs. 56 crores, a growth of 9 per cent y-o-y.  The Q4FY24 Consolidated revenue stood at Rs. 673 crore.  

On a full-year basis, standalone revenues stood at Rs. 1,779 crores, a growth of 15 per cent y-o-y.  On a consolidated basis, the Company reported revenues of Rs. 2,633 crore.  

The engineering and retail businesses registered growth of 17 per cent and 10 per cent, respectively.  Greaves Cotton's acquisition of Excel Controlinkage has proven to be value accretive, with first-year revenue reaching Rs 263 crore, a growth of 41 per cent year over year.

Commenting on the Company's performance, Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton, said, “Our transformation journey from diesel engines to a multifaceted organisation embracing a fuel-agnostic approach, bringing us closer to our customers.  The Company's performance underscores the resilience of our diversification strategy.  Collaborating with Excel has unlocked new capabilities and growth avenues for Greaves Engineering.  Our evolution from a B2B to a B2B+B2C company has been fuelled by the robustness of our strategy, contributing to our growth.  This transformation has been pivotal, instilling confidence to deliver sustainable value to customers and shareholders.”

Greaves Engineering has been maximising competitiveness with a versatile product portfolio adaptable to mechatronics and electronics, complemented by cost-efficient strategies, synergistic partnerships, and an expanding global presence in the USA and EU. 

Greaves Retail's latest venture into EV solutions, spanning charging infrastructure, aftermarket components, and batteries, showcases ongoing innovation in the electric vehicle sector while fortifying operations for future growth. Greaves Retail signed a technology licensing agreement with Tsuyo to manufacture motors and motor controllers at their forthcoming facility in Tamil Nadu.  Greaves Retail is investing in digitalising its supply chain, enhancing both mechanics' and retailers' experiences and improving supply chain efficiencies by launching the new Greaves Upahar app, a mechanic loyalty program.

Greaves Electric Mobility Greaves launched the Greaves Eltra City, a passenger L3 vehicle, while broadening the 3W financing network with 16 PAN-India and 16 state-specific partners, fostering the commitment to accessible and convenient mobility solutions.  The Company recently announced the appointment of K. Vijaya Kumar as Executive Director and CEO of the Greaves Electric Mobility segment to lead its initiatives in product development, dealer distribution, and market expansion, among other areas.

The B2B businesses contributed 57 per cent to the overall revenues in this quarter, reflecting the success of the diversification strategy. 

Akhila Balachandar, CFO of Greaves Cotton, added, “The launch of our new EV solutions business vertical has provided a solid foundation, and we're excited about the renewed interest in Greaves 3W on the NAB portal.”