Greaves Cotton Ltd Share Price – NSE  /  BSE

Capital Goods-Non Electrical Equipment, Small Cap

Greaves Electric Mobility (GEMPL), the electric mobility segment of Greaves Cotton, has appointed K Vijaya Kumar as its new Executive Director and CEO.

In his new role, Vijaya will lead the company's initiatives in product development, dealer distribution, and market expansion, among other areas.

With over three decades of experience in the mobility sector, Vijaya Kumar has served as the Managing Director and CEO of SAR Group's E-Mobility Business, shaping the growth of electric vehicles. His return to Greaves marks a significant milestone, having previously served as the President of the automotive business at Greaves Cotton (GCL). His career encompasses senior leadership roles at TVS Motor and Bajaj Auto.

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Greaves Retail, the retail unit of Greaves Cotton, a provider of clean mobility and energy solutions in the e3W, ICE 3W, and SCV segments, has entered into a strategic technology transfer and supply agreement with Tsuyo Manufacturing (Tsuyo), an innovative Indian company specialising in electric vehicle components. The agreement marks a significant milestone in Greaves Cotton's commitment to advancing its presence in the low-speed electric 3-wheeler (L3) vehicle segment.

This collaboration underscores Greaves Cotton's endeavour to leverage Tsuyo's expertise in electric vehicle technology and manufacturing machinery to enhance its capabilities in the electric L3 vehicle domain. Through this partnership, Greaves Cotton anticipates significant growth opportunities within the 3W segment, aligning with its vision to drive sustainable mobility solutions.

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Revenue from operations increased 29.57% year on year (YoY) to Rs 665.38 crore in the quarter ended 31 December 2023.

On the segmental front, engine revenue was Rs 402.68 crore (up 21.26% YoY), Electric Mobility & Other Vehicles revenue was Rs 146.77 crore (up 3.71% YoY) while revenue from cables & control levers stood at Rs 73.79 crore during the third quarter.

Consolidated EBITDA grew to Rs 35 crore in Q3 FY24 as compared with Rs 3 crore recorded in corresponding quarter previous year.

EBITDA margin improved to Rs 5.3% in the third quarter as against 0.6% in same quarter last year.

For Q3 FY24, profit before tax zoomed to Rs 74.34 crore as compared to Rs 3.19 crore posted in Q3 FY23.

The company stated that it is making significant strides with a robust and diversified strategy spanning various business sectors. Greaves Engineering's strategic expansion into the USA and EU markets and its diversification into mechatronics and electronics with a focus on green fuels underscores its commitment to growth and innovation.

Nagesh Basavanhalli, non-executive vice chairman of Greaves Cotton, said, “Our diverse portfolio and strategy, underpinned by a commitment to fuel-agnostic solutions, have played a pivotal role in driving our advancements. Synergistic collaboration with Excel Controlinkage is bringing in new capabilities and opening newer avenues of growth for Greaves Engineering. Greaves Retail fortified our presence in the aftermarket. Our enduring success is rooted in a steadfast focus on modern capabilities, our value propositions and our ability to fulfil the requirements of our diverse customer base.”

Khila Balachandar, CFO, Greaves Cotton Limited, said, “We are delighted to report that in Q3, our standalone result have once again demonstrated a resilient performance, achieving noteworthy results. We have witnessed commendable 21% year-on-year growth in revenues and an impressive 73% year-on-year surge in EBITDA, underscoring our commitment to sustainable financial success. Our relentless focus on operational efficiency has further contributed to margin improvement. With a solid foundation and a firm dedication to excellence, we are optimistic that our success will endure in the upcoming quarters, positioning us well to capitalise on exciting business prospects.”

Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel agnostic powertrain solutions, e-mobility, aftermarket & retail.

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Net profit of Greaves Cotton rose 802.49% to Rs 58.03 crore in the quarter ended December 2023 as against Rs 6.43 crore during the previous quarter ended December 2022. Sales rose 29.57% to Rs 665.38 crore in the quarter ended December 2023 as against Rs 513.51 crore during the previous quarter ended December 2022.

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