Greaves Cotton has reported standalone revenues of INR 396 crore in Q1FY24, with improvement in standalone margins and quarterly EBITDA at INR 45 crore.
Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton, noted that the company has taken significant steps in progressing towards becoming a full-stack ecosystem player focused on democratising sustainable mobility.
“Our growth stems from our dedicated team and strategic investments in clean technology, product innovation, and design. The acquisition with Excel Controlinkage has led to growth and enhanced capabilities, and our recent majority stake acquisition in MLR presents a valuable opportunity to strengthen our position in the 3-wheeler market,” he added.
A press release from the company noted that Ampere, the Electric 2-wheeler brand, continued its leadership position, remained within the top five players in the e2W segment, and achieved a cumulative secondary sales milestone of 200,000 units till Q1FY24. The B2C businesses contributed 49% to the overall revenues in this quarter.
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