Greaves Cotton posts decent Q1FY23 numbersGREAVESCOT - 139 Change: 3.45 (2.54 %)
News: Greaves Cotton reported decent results. Standalone revenue came in at Rs 373.6 crore (vs. I-Direct estimate of Rs 380.7 crore) up 74.3% on a YoY basis. Consolidated revenue grew by 88.3% YoY to Rs 660.1 crore. It reported Standalone EBITDA of Rs 27.4 crore (Vs. I-Direct estimate of Rs 30.5 crore) Vs loss of Rs 6 crores in Q1FY22, with EBITDA margin of 7.3%. On a consolidated basis, EBIDTA came in at Rs 38.4 crore (Vs. EBITDA loss of Rs 16.9 crore in Q1FY22). The company has reported standalone PAT of Rs 21 crore (Vs. I-Direct estimate of Rs 13.8 crore) grew by 519.7% YoY basis.
View: Positively surprised by good bounce in base business also with the performance/profitability of EV business. The engine segment revenues came in at Rs 346.7 crore, grew 76.7% YoY. On the other hand, E-Mobility segment revenue grew by 47.9% to Rs 281.2 crore. EBIT came at Rs 10.09 crores vs loss of Rs 15.27 crores same period last year. New businesses boost the company’s revenue with 56% contribution to the overall business. E-mobility business registered strong growth but what would be monitorable going ahead the pace of new launches, ramp up in volumes.