Greaves Cotton Limited, a prominent diversified engineering company in India, has announced its financial results for the fourth quarter of fiscal year 2024. The company reported standalone revenues of INR 481 crores for Q4 FY24, marking a notable increase of 10% year-on-year (y-o-y). Additionally, the quarterly EBITDA stood at INR 56 crores, reflecting a growth of 9% y-o-y. On a consolidated basis, the company recorded revenues of INR 673 crores for the same period.
Annual Performance Highlights
For the full fiscal year 2023-24, Greaves Cotton reported standalone revenues of INR 1,779 crores, representing a robust growth of 15% y-o-y. On a consolidated basis, the company’s revenues amounted to INR 2,633 crores. Both the engineering and retail businesses witnessed significant growth, with a 17% and 10% increase, respectively.
Value Accretive Acquisition and Strategic Initiatives
Greaves Cotton’s acquisition of Excel Controlinkage has proved to be highly beneficial, with first-year revenues reaching INR 263 crores, reflecting a remarkable growth of 41% y-o-y. Mr. Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, emphasized the company’s successful transformation journey towards a multifaceted organization embracing a fuel-agnostic approach. He highlighted the resilience of the company’s diversification strategy and its commitment to delivering sustainable value to customers and shareholders.
Focus on Innovation and Market Expansion
Greaves Engineering has been enhancing competitiveness with a versatile product portfolio adaptable to mechatronics and electronics. The collaboration with Excel Controlinkage has been particularly successful, contributing to profitability and robust growth. Greaves Retail’s consistent performance underscores its commitment to excellence, especially in the electric vehicle (EV) sector. The company’s latest venture into EV solutions, including charging infrastructure and aftermarket components, demonstrates ongoing innovation and fortifies operations for future growth.
Appointment and Strategic Partnerships
Greaves Electric Mobility segment announced the appointment of Mr. K. Vijaya Kumar as Executive Director and CEO, reaffirming its commitment to product development, dealer distribution, and market expansion. The company has also expanded its financing network for three-wheelers and continues to prioritize accessible and convenient mobility solutions.
Commitment to Sustainable Mobility
With B2B businesses contributing significantly to overall revenues, Greaves Cotton Limited reaffirms its commitment to innovation, market expansion, and sustainable mobility solutions. Ms. Akhila Balachandar, CFO of Greaves Cotton Limited, expressed confidence in the company’s strategy, highlighting the exceptional performance of Greaves Engineering, Excel, and the impressive expansion of Greaves Retail.
The financial results reflect Greaves Cotton Limited’s strong performance and strategic initiatives aimed at driving growth and delivering sustainable value to stakeholders.
