Greaves Continues Growth Momentum 9th Quarter in a Row
- 41% growth in E-Mobility sales, Market share increases to 18%
- CNG engines sales increase by 43%
- Accelerates Cleantech adoption with 350+ Greaves Retail outlets
MUMBAI, Aug. 9, 2019 /PRNewswire/ -- Greaves Cotton Limited, one of India's leading engineering companies, reported a 4% growth in Revenue for Q1FY20 at Rs.477 crore as against Rs. 458 crore in Q1FY19 despite the industry slowdown. EBIDTA for the year is at Rs.61 crore in Q1FY20 same as Q1FY19.
PBT before exceptional items is at Rs. 56 crore in Q1FY20 as against Rs. 58 crore in Q1FY19.
Profit After Tax is at Rs.38 crore in Q1FY20 as against Rs.40 crore in Q1FY19.
Commenting on the growth achieved by the company for Q1FY20, Nagesh Basavanhalli, MD & CEO, said, "We have continued our growth momentum despite tough market conditions. Our new business growth in CNG, E-mobility solutions, Greaves Retail, Multibrand Spares, non-auto industrial applications business along with existing business has shown positive growth."
In Q1FY20, Greaves from its E-mobility subsidiary arm launched its first high-speed two-wheeler electric vehicle, Zeal, which has seen good traction from the marketplace. This compliments the existing stylish and reliable range of slow speed scooters backed by comprehensive EV ecosystem. To foster innovation and and build capabilities as part of Make-in-India commitment, Greaves has further invested in technology Centre in Bengaluru. The Non-Automotive/Industrial Engine business is continuing to grow with newer avenues of usage areas. All these initiatives will help sustain inclusive growth protecting employment opportunities across the value chain.
About Greaves Cotton
Greaves Cotton Limited is a diversified engineering company and a leading manufacturer of Cleantech Powertrain Solutions (CNG, Petrol and Diesel Engines), Generator sets, Farm equipment, E-Mobility, Aftermarket spares and services. Greaves Cotton is a multi-product and multi-location company with rich legacy and brand trust of over 160 years and has established itself as a key player impacting billion lives every day. The company has seven manufacturing units and continues to support progress of the nation under Make-In-India program. The company today manufactures world-class products and solutions under various business units - Greaves Engines, Greaves Power, Greaves Agri, Greaves Aftermarket, Greaves Care, Greaves Global and is backed by comprehensive support from 300+ Greaves big retail centres and 5000+ smaller spare parts retail outlets across the country.
In the mobility segment, the company manufactures 4 lakh plus engines annually, almost 1 engine per minute and provides the most affordable mobility solutions to the majority of population in India, moving more than 1 crore passengers and 5 lakh tonnes of cargo every day. In all, the company has crossed 5 million engines, 3 million pumpsets and 1 million gensets. Greaves Cotton augmented its clean technology portfolio with entry in the last mile affordable 2W personal Mobility segment with Ampere Electric Vehicles. More information about Greaves Cotton - www.greavescotton.com.
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