Greaves Cotton sizzles after recording Q2 PAT at Rs 29 cr

Greaves Cotton jumped 4.13% to Rs 154.90 after the company reported consolidated net profit of Rs 28.88 crore in Q2 FY23 as against net loss of Rs 23.39 crore in Q2 FY22.

Revenue from operations climbed 87.09% to Rs 698.81 crore in Q2 FY23 compared with Rs 373.51 crore in Q2 FY22.

Pre-tax profit stood at Rs 40.33 crore in Q2 FY23 compared with pre-tax loss of Rs 18.98 crore in Q2 FY22.

EBITDA for Q2 FY23 stood at Rs 43 crore and EBITDA margin was at 6.1% in Q2 FY23.

Total expense rose 68.07% YoY to Rs 672.05 crore in Q2 FY23. Cost of raw material consumed stood at Rs 497.73 crore (up 94.29% YoY) and employee expenses stood at Rs 49.74 crore (up 20% YoY). Finance cost up 73.55% to Rs 2.10 crore during the period under review.

Net cash generated from operating activities stood at Rs -25.22 crore in six months ended 30 September 2022 compared with Rs -17.87 crore in six months ended 30 September 2021.

The company's electric mobility business recorded highest ever quarterly revenues of Rs 318 crore, and sales of ~33,000 units.

The revenue from auto applications business registered YoY growth of 109% in Q2 FY23. The revenue from non-auto applications registered YoY growth of 17% in Q2 FY23.

Nagesh Basavanhalli, executive vice chairman of Greaves Cotton said, "We are happy to announce the growth across different business units, resulting in highest ever quarterly revenues, and consistent improvement in profitability. Our focus on accelerating adoption of electric vehicles and transforming last mile mobility with clean transport solutions, have strengthened our leadership position in this fast-growing market. Led by a strong & passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation and design."

Greaves Cotton is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment etc.

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