Greaves accelerates performance in new business initiatives with 21% contribution in FY20
Greaves Cotton Limited, one of India's leading engineering companies, reported revenue, at Rs. 1,821 crore in FY20 as against Rs. 1,988 crore in FY19 despite economic slowdown and pandemic. Revenue for Q4FY20 stands at Rs.360 crore as against Rs.528 crore in Q4FY19.
EBIDTA at Rs. 228 crore in FY20 as against Rs.275 crore in FY19 while PAT is at Rs. 148 crore in FY20 as against Rs.169 crore in FY19.
Commenting on the company performance, Nagesh Basavanhalli, MD and CEO, Greaves Cotton said, "FY20 has been an unusual year in terms of economic slowdown and the pandemic which has impacted lives & livelihoods. We have implemented safe working practices within our factory locations. reduced our working capital exposure & worked to build capability of our employees & customer facing teams. We continue to accelerate our new business initiatives and find newer levers of growth."
Initiated in 2015-16, the Greaves strategic plan to diversify the business from just automotive to non-automotive and clean-tech sectors has enabled the company to grow consistently over the last few years. Coinciding with opening up of markets as per Govt regulations, the 380 + Greaves retail outlets have been opened to take care of 3W vehicles. This will benefit around 20,000 customers who visit the retail chain every month Today, Greaves is spearheading the electric vehicle adoption in the country by building one of the fastest-growing EV product portfolios under Ampere Electric and networks across the country with 21% market share (within organised players) and presence across 200+ dealerships. The e-Mobility Business is seeing growth with expansion, acquisition and new electric scooter launch soon.
Greaves is thriving strong on the 3R approach- Respond Immediately to challenges and opportunities, Redouble Efforts to meet business objectives and Reimagine positioning to fuel future growth.
Further, the company is working closely with auto OEMs & executing BSVI engine supplies. It has strengthened its retail network with enhanced focus on safety measures, health & hygiene protocols to deal with Covid situation.
DISCLAIMER: This information is published as per the press release sent to us. It has not been verified or ratified by OVERDRIVE.
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