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Greaves Cotton Q4 PAT soars to Rs 14 cr

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On a consolidated basis, Greaves Cotton reported a net profit of Rs 13.65 crore in Q4 FY21 compared with net profit of Rs 0.57 crore in Q4 FY20.

Net sales during the quarter increased by 34.8% year-on-year (YoY) to Rs 520.40 crore. Profit before tax was at Rs 27.33 crore in Q4 FY21, steeply higher than Rs 2.57 crore in Q4 FY20.

The company posted an EBIDTA of Rs 42 crore in the fourth quarter. It had recorded an EBIDTA of Rs 24 crore in the same period last year.

Greaves said it is committed to the diversification journey and to capitalize on all the opportunities that can help the group to achieve the vision in the long run. Its new business (e-mobility and non-auto business) continues to grow and contributes 30% to the overall business of the company.

Greaves e-mobility segment has seen higher growth momentum, with Ampere gaining popularity due to rise in demand for its electric two-wheelers (electric scooters) and electric three-wheelers (electric rickshaws).

The non-auto business segment has also seen a significant growth and expected to do well in the coming quarter especially agriculture equipment due to the favourable monsoon ahead.

Commenting on the company performance, Nagesh A Basavanhalli, Group CEO and managing director, Greaves Cotton, said, "Overall we saw growth in Q4 owing to our diversification strategy, new business initiatives like e-mobility, aftermarket solutions, non-automotive engines. We are continuously looking at investing in sustainable growth areas in order to enhance our capabilities, our commitment to invest in Ranipet EV facility is a testament of the same."

The company recorded a consolidated net loss of Rs 18.78 crore in the year ended 31 March 2021 as against a net profit of Rs 129.17 crore in the year ended 31 March 2020. Net sales declined by 21.5% to Rs 1500.40 crore in FY21 over FY20.

Greaves Cotton is a diversified engineering company and a leading manufacturer of cleantech powertrain solutions (CNG, petrol and diesel engines), generator sets, farm equipment, E-mobility, aftermarket spares, and services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, May 05 2021. 11:25 IST