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Greaves Cotton posts Rs 621 cr revenue in Q4

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Chennai, May 12 (Ajitweekly News) Diversified engineering company Greaves Cotton Ltd closed the last quarter of FY22 with a consolidated revenue of Rs 621 crore, said a top company official.

“We closed the Q4 of last fiscal with a consolidated operational revenue of about Rs 621 crore, up from about Rs.520 crore earned during the previous year corresponding period. The new business started four years back contributed bulk of the revenue,” MD and Group CEO Nagesh Basavanhalli told Ajitweekly News.

The company reported a profit before tax of about Rs 27 crore and a net profit of about Rs 17.56 crore during Q4.

For the full year, Greaves Cotton reported consolidated total income of Rs 1,732.05 crore and a total loss of about Rs 33 crore for FY22.

According to Basavanhalli, the demand for auto engines is picking up.

The group’s electric vehicle sales stood at about 62,000 units last fiscal up from 27,000 units sold in FY21.

Basavanhalli said 90 per cent of the vehicles sold are powered by lithium-ion battery.

Queried about the impact on sales of electric two wheelers as some vehicles made by couple of Greaves Cotton competitors went up in flames, he said: “We haven’t seen any sales impact. But customers are asking questions and they are being answered.”

–Ajitweekly News

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