By Priya Singh
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Updated On: 16-Aug-2024 12:30 PM
Greaves Electric Mobility saw a 10% increase in two-wheeler volumes and a 19% increase in three-wheeler volumes quarter on quarter.
Key Highlights:
Greaves Cotton, one of India's top diversified engineering companies, announced standalone revenues of Rs 445 crore for Q1 FY2025, a 12% year-on-year increase, and quarterly EBITDA of Rs 50 crore, also a 12% YoY increase. On a combined basis, revenue was Rs 640 crore, up 13 per cent.
Automotive Engines and Market Expansion
Greaves Cotton experienced tremendous growth in the first quarter of FY2025 (April-June 2024), with automotive engines increasing by 31% and market share climbing to 57%. The company introduced new alternative fuel engines and switched to CPCB IV+ gensets, which are said to have received favorable market feedback.
Global Reach and Product Innovation
According to a company statement, "Our commitment to a fuel-agnostic approach has broadened our product range, extended our global reach, with exports now accounting for 12% of engineering revenue, significantly increased exports to the United States and the European Union, and led to the development of e-powertrains."
Greaves Retail has increased its OE agreements with large conglomerates and MNCs, tested an e-commerce distribution approach for its 2WMB components, and launched new companies in emerging markets like as construction equipment.
Greaves Electric Mobility Sees Rising Demand
Greaves Electric Mobility, a subsidiary of Greaves Cotton, reported strong growth in both its two-wheeler and three-wheeler segments. The two-wheeler volumes increased by 10%, while the three-wheeler volumes grew by 19% quarter on quarter.
This growth was fueled by the launch of the Ampere Nexus, a high-performance family scooter, and improved supply chain management for the Greaves Eltra electric cargo and passenger three-wheeler.
The Ampere Nexus, designed at the Ranipet facility in Tamil Nadu, features a 3 kWH LFP battery, a top speed of 93kph, and a certified range of 136km. The scooter is available in two variants, priced between Rs 110,000 and Rs 120,000.
Sales Performance and Partnerships
In July, Greaves Electric Mobility's two-wheeler retail sales reached 3,154 units, a 46% increase year on year. From January to July 2024, the company sold 18,194 units, a remarkable 207% increase compared to the previous year. The company's market share has grown to 3%, up from 0.56% last year.
In April, Greaves Retail entered a strategic partnership with Tsuyo Manufacturing, focusing on technology transfer and the supply of EV components, particularly for low-speed three-wheelers.
CFO's Statement
Ms. Akhila Balachandar, Greaves Cotton's CFO, stated: "Greaves Cotton's Q1 FY2025 result demonstrates the success of our diversification plan. Our excellent revenue growth demonstrates our dedication to expanding our product offerings and market reach. By adopting a fuel-agnostic approach and expanding into new areas, we have not only improved our market position but also greatly increased our exports and started new businesses. This quarter's results demonstrate our strategic vision and operational excellence, which have driven continuous growth across our companies."
Also Read: Greaves Eltra City Completes 225-Kilometre Journey on a Single Charge
CMV360 Says
Greaves Cotton's Q1 FY2025 results show that the company is on the right track with its smart strategies and efficient operations. Diversifying its products and focusing on innovation and global growth have set Greaves Cotton up for continued success.
Achievements in both traditional and electric mobility sectors highlight how well they’re adapting to a changing market. As the company continues to invest in new technologies and form strong partnerships, Greaves Cotton is likely to keep growing and strengthening its position in the industry.