Diversified engineering firm Greaves Cotton Ltd on Friday posted a 59.5 percent year-on-year (YoY) jump in consolidated net profit at Rs 26.7 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 16.7 crore.
In the March quarter, consolidated revenue stood at Rs 827 crore during the period under review, up 33.2 percent against Rs 620.8 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 20.4 percent to Rs 49 crore in the fourth quarter of this fiscal over Rs 40.7 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 5.9 percent in the reporting quarter as compared to 6.6 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The electric mobility business of Greaves recorded the highest-ever quarterly revenues of Rs 383 crore and sales of 39K units.
On a standalone basis, the company reported revenues of Rs 437 crore with a significantly improved EBITDA margin of 12 percent. Greaves Retail added over 71 new stores in FY23, retailing 11 brands and continuing its growth momentum. B2C businesses contributed 66 percent to the overall revenues in this quarter, reflecting the results of the diversification strategy, the company said.
On May 8, 2023, Greaves Cotton completed the acquisition of a 60 percent equity stake in Nagpur-based Excel Controlinkage. Excel Controlinkage is one of the most profitable companies engaged in manufacturing Push Pull cables, Motion sensors & Controls.
Nagesh Basavanhalli, executive vice chairman of Greaves Cotton said the company has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units.
(Edited by : Pradeep John)
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