Greaves Cotton announces 13% growth in revenue in Q2 FY22
Greaves Cotton Limited has announced a 13% growth at ₹374 Crore in Q2 FY22 as against ₹330 crores in Q2FY21. The company also said that normalized EBIDTA (without one- time costs) stood at ₹3 crores in Q2FY22. In terms of quarterly performance, its revenue has grown 63% compared to Q1FY22.
The company announced higher electric vehicle sales in Q2 FY22 against Q2 FY21, and its E-mobility business recorded 111% revenue growth in the same period. The company added that it now has sold over 1 lakh EVs across India. Also, the October witnessed highest sales numbers at 5,000 units as on 25thOct’21.
Commenting on the company's performance, Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said,“The Company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions.
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Our diversification strategy has resulted in accelerated growth across all business areas with higher operational efficiencies and surplus cash to drive transformative growth with new agility & resilience in future."He added.