Greaves Cotton Q1 profit after tax dips

CHENNAI: Greaves Cotton saw its standalone net profit for Q1FY24 dip to Rs 33.8 crore down from Rs 35.63 crore in the year-ago period.

Standalone revenue stood at Rs 396 crore for the first quarter compared to Rs 373.62 crore last Q1. The company has reported an improvement in standalone margins with

quarterly EBITDA at Rs 45 crore.

The company’s Ampere brand of electric two-wheelers achieved cumulative

secondary sales of 200,000 units till the first quarter of the fiscal year 2024.

The B2C businesses contributed 49% to the overall revenues in this quarter.

Nagesh Basavanhalli, non-executive VC of Greaves Cotton Limited, said, “We have taken significant steps in progressing towards becoming a full-stack ecosystem player. The acquisition with Excel Controlinkage has led to growth and enhanced capabilities, and our recent majority stake acquisition in MLR presents a valuable opportunity to strengthen our position in the 3-wheeler market.”

Source: The Times Of India