When I wrote to you last year the COVID-19 pandemic was just beginning to make itsimpact felt around the world. Since then it has been a period of unprecedented challengesfor humankind especially for the frontline workers who have been putting their lives atrisk to keep us safe. Their commitment is truly humbling and on behalf of Greaves wesincerely thank them for their efforts.
Looking back I am also proud of the resilience shown by our Company for navigatingthis crisis. In 162 years since our founding we have repeatedly reimagined our businessto not only weather turbulence but have also realigned it with the demands of the changingworld to capture new opportunities. After a sharp decline in our revenues in the firstquarter of FY2021 we saw a gradual recovery with the third and fourth quarters showing astrong finish to the year. While the pandemic and the ensuing focus on social distancingnorms and concerns with shared mobility inevitably restricted our ability to drive thelevels of growth that we were seeking in three-wheeler automobile engines all otherbusinesses rebounded strongly and helped the Company improve its market positioning.
I am pleased to share that our focus on building a blend of legacy and new-agebusinesses driving clean technology and adopting newer business models is enablingGreaves to transform into a future-ready organisation at an increased pace. Our capitalallocation of almost Rs 235 crore in e-mobility is beginning to pay off is also reflectedin our current market capitalisation.
Greaves' strategy has helped the Company expand its play in the last-mile mobilityecosystem by addition of Electric Vehicles under Ampere multi-brand service and salesunder Greaves Retail and just recently vehicle financing under Greaves Finance. Thee-mobility segment continued its robust growth trajectory delivering an all-time highperformance in the fourth quarter. The Company is also reimagining its businesses and hasmade important strides in developing the Non-Auto Engines portfolio over the past fewyears. The launch of smart gensets has particularly been instrumental for the Non-Autobusiness exhibiting strong growth momentum. Together our new businesses contributed toone-third of our revenues in FY2021. During the year we also onboarded senior talent inmultiple domains at both Ampere and Greaves and successfully integrated them into theGreaves family.
I am confident that their insights will help us to further build on our progress in thecoming year.
The year was also defined by notable achievements across the Company. Ampere Vehiclesour wholly-owned electric mobility subsidiary acquired 74% stake in Bestway Agencies Pvt.Ltd. which sells e-rickshaws under the popular ELE brand. With this our E-mobilitybusiness is now present across both the two-wheeler and the three-wheeler e-rickshawsegments. We are investing in our future with our new dedicated Electric Vehicle plantcoming up in Ranipet Tamil Nadu to provide superior manufacturing capabilities. We alsorealigned our manufacturing with focussed Engine manufacturing at Aurangabad. This hasreduced our fixed costs and is expected to yield significant operational improvements inthe coming years. The Company also featured in India's Fortune 500 list.
Our belief that we are stronger together has never been more clearly demonstrated thanduring COVID-19. Putting into action our 'People-First' policy we prioritised the safetyof our employees customers channel partners and stakeholders. Like many organisationswe implemented the work-from-home model and encouraged the use of technology for ensuringbusiness continuity. We also extended mental health support and unique online learningopportunities and launched a COVID-19 vaccination drive as per norms laid by theGovernment of India for our employees. Our employee-centric approach enabled ourorganisation to earn the 'Great Place to Work' certification.
COVID-19 has changed the way we live and work. It is likely that the disruption willcontinue in the months to come with the next wave of the pandemic gaining momentum inIndia. This is the time we firmly believe to encourage employee empowerment at alllevels and reach out to more customers. While we remain vigilant we are confident thatthe learnings we have gathered in navigating the unprecedented past year will help us toovercome new challenges. Staying committed to Environmental Social and Governance (ESG)practices we continue to enhance our focus on diversity inclusion health and safetyinnovation and clean technology. We are also fostering stronger relations with ourcustomers and communities through engagements that create shared value.
Finally on behalf of the Board of Directors I would like to thank our customersbusiness partners vendors employees investors and shareholders for their steadfastsupport. Standing at a critical juncture in India's growth and development story in thepost-COVID world we at Greaves Cotton reaffirm our commitment to continue beinginnovative agile and focussed on sustainability to partner our nation's progress.