After registering an annual growth of 11 per cent in the last two years, diversified engineering company Greaves Cotton expects to grow in line with the fast-growing e-mobility and automotive sectors going forward, a top company official said.
The company, which recently completed the acquisition of electric vehicles manufacturer Ampere Vehicles, is looking at penetrating key metros across the country as part of its last-mile connectivity initiative.
"We have undertaken a lot of initiatives in the last three years, which have resulted in an additional over Rs 400 crore in the topline since FY2018. We have grown at a CAGR of 11 per cent in the last nine quarters and we will grow more than that in the coming period," the company's MD and CEO Nagesh Basavanhalli told reporters here.
The company expects the e-mobility and automotive segments to grow by almost 15-20 per cent over the coming years backed by the government's push on reducing carbon emissions.
"We are well poised to cater to the growth in these sectors and we also expect to grow at the rate these industries are growing," Basavanhalli added.
Last December, the company completed its acquisition of Ampere Vehicles, which enjoys a share of 18 percent in the e-scooters market in India, to strengthen and expand its presence in the last-mile e-mobility space that is seeing significant interest from the government and commuters alike.
"We are in the midst of establishing Greaves Cotton as a complete ecosystem player. Our initiatives to diversify into newer growth levers such as non-auto engines, industrial engines, retail, multi-brand spares, servicing and e-mobility have started contributing to the growth," he added.
The company has already spent nearly Rs 300 crore in the last three years for developing BS-VI compliant diesel engines for three-wheeler applications as well as to develop a lightweight CNG/petrol engine -- Crest --that would reduce emissions by up to 30 per cent, he said.
Greaves Cotton currently manufactures products and solutions under various business units and is backed by comprehensive support from 350 big retail centres and over 5,000 smaller spare parts retail outlets across the country.
"We will be increasing the retail centres to not only penetrate into newer markets but emerge as a one stop solution provider. So Greaves would not just sell engines and scooters but will also provide after sales services as well as provide easy finance options to prospective electric vehicle buyers at a low down-payment and EMI across a fast-growing nationwide network for Ampere electric vehicles," Basavanhalli added.
He further said that Ampere scooters, currently present in 190 cities, primarily rural and semi-urban markets, will now be available in other key metros as well.