Greaves Cotton Limited, one of India’s leading engineering companies, reported a 4% growth in Revenue for Q1FY20 at Rs.477 crore as against Rs. 458 crore in Q1FY19 despite the industry slowdown. EBIDTA for the year is at Rs.61 crore in Q1FY20 same as Q1FY19. PBT before exceptional items is at Rs. 56 crore in Q1FY20 as against Rs. 58 crore in Q1FY19. Profit After Tax is at Rs.38 crore in Q1FY20 as against Rs.40 crore in Q1FY19.
Commenting on the growth achieved by the company for Q1FY20, Nagesh Basavanhalli, MD & CEO, said “We have continued our growth momentum despite tough market conditions. Our new business growth in CNG, e-mobility solutions, Greaves Retail, Multibrand Spares, non-auto industrial applications business along with existing business has shown positive growth.”
In Q1FY20, Greaves from its e-mobility subsidiary arm launched its first high-speed two-wheeler electric vehicle, Zeal, which has seen good traction from the marketplace. This compliments the existing stylish & reliable range of slow speed scooters backed by comprehensive EV ecosystem. To foster innovation & and build capabilities as part of Make-in-India commitment, Greaves has further invested in technology Centre in Bengaluru. The Non-Automotive/Industrial Engine business is continuing to grow with newer avenues of usage areas. All these initiatives will help sustain inclusive growth protecting employment opportunities across the value chain.