Diversified Engineering company Greaves cotton reported a net loss of INR 23.29 crore in Q2FY22. The company recorded a net loss of INR 22.49 crore in the same period last year.
However, the revenue jumped by 13% at INR 374 crore in Q2FY22 against INR 330 crore in Q2FY21. In comparison to Q1FY22, revenue grew by 63%.
In a statement to BSE, the company said it has recorded higher sales in Q2FY22 when compared with Q2FY21 for its EV business, with 111% revenue growth. As a result of this progress, the company now has over 100,000 EV consumers and growing month-over-month across India and is one of the country’s fastest-growing EV brands.
Moreover, October witnessed the highest sales numbers for Greaves Electric Mobility, standing at 5,000 units as of October 25, 2021, and exceeding 500 retails in one day.
The company has strengthened its portfolio with the recent acquisition (subscribed to a 26% stake) of MLR Auto, adding L5 cargo units and electric auto in the product range. In addition, Greaves Electric Mobility announced a 26% balance acquisition of Bestway Agencies Pvt. Ltd. (BAPL), which sells E-Rickshaws under the ELE brand. At the same time, with the launch of the multi-brand EV retail store, AutoEVmart, the brand is building a best in class experience for EV buyers. The first AutoEVmart store was launched in Bengaluru and has seen significant traction for its stylish and contemporary e-cycles and e-scooters.
In the last few years, there has been a significant transformation from a single product, single fuel portfolio to now with diverse, high growth segments like electric mobility, retail with lucrative growth potential in future.
Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton, 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 mobilise India ahead, generating gainful employment with our last-mile mobility solutions.”
“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.