Diverse Business Segments Fuel 23% Revenue Growth and 91% EBITDA Increase
Greaves Cotton Limited, a leading diversified engineering company in India, has reported strong financial results for the second quarter of fiscal year 2024. The company’s standalone revenues grew by 23% year-on-year to Rs 459 crores, and its EBITDA increased by 91% year-on-year to Rs 64 crores.
The company’s diverse business segments contributed to its strong performance. Greaves Engineering expanded its product portfolio, driving significant export growth. Excel Controlinkage continued its impressive growth trajectory, fueled by its commitment to tailored solutions and expansion into mechatronics and electronics. In the electric mobility sector, Greaves Electric Mobility maintained its position among the Top Five players in electric two-wheelers (E2Ws) and achieved a significant milestone with its highest-ever quarterly sales in the electric three-wheeler (E3W) segment.
Greaves Retail bolstered its market presence by expanding its multi-brand distribution network for two- and three-wheelers and offering a comprehensive range of spare parts. Greaves Spares expanded its distribution network in northern and eastern India, poised for increased domestic and international traction soon.
Mr Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, commented on the company’s performance: “We have made substantial strides in our journey towards becoming a full-stack ecosystem player focused on democratising sustainable mobility. Our diversified portfolio and fuel-agnostic strategy have played a pivotal role in our journey. Excel Controlinkage is demonstrating impressive growth and a significant increase in EBITDA. Furthermore, our acquisition of MLR contributes to our ongoing efforts to strengthen our presence in the 3-wheeler market, aligning with our goal of sustainable margin improvement.”
Ms. Akhila Balachandar, CFO, Greaves Cotton Limited, added: “We are pleased to announce that this quarter, standalone, we have delivered a robust performance with 23% year-on-year growth in revenues, 91% year-on-year growth in EBITDA along with improvement in the margins. We are confident that our strong foundation and unwavering commitment to excellence will sustain our success in the forthcoming quarters and the exciting future opportunities.”