- 15 Nov 2022
- ICICIdirect Research
GREAVES COTTON REGISTERS DECENT SET OF NUMBERS
GREAVESCOT - 189 Change: -3.88 (-2.01 %)News:
Greaves Cotton registered a decent set of results. With the continued strong momentum in base business and the performance/profitability of EV business. Standalone revenue came in at Rs 374.1 crore (vs. I-Direct estimate of Rs 386.4 crore) up 31.7% YoY. Consolidated revenue grew 87% YoY to Rs 699 crore. The engine segment revenues came in at Rs 345 crore, up 36% YoY. On the other hand, E-mobility segment revenue substantially grew 255.7% to Rs 318.2 crore with volume of 33,000 units. E-mobility segment reported EBIT of Rs 13.1 crore vs. loss of Rs 18.9 crore in the same period last year. In H1FY23, e-mobility segment revenue grew 477% to Rs 599.4 crore with volume of 62,520 units vs. 15,433 units H1FY22. It reported standalone EBITDA of Rs 33.3 crore (vs. I-direct estimate of Rs 33.2 crore) vs. Rs 4.5 crore in Q2FY22, with EBITDA margin expansion of 8.9% by 732 bps YoY. On a consolidated basis, EBIDTA came in at Rs 43 crore (vs. EBITDA loss of Rs 10 crore in Q2FY22). standalone PAT was at Rs 22.6 crore (vs. I-Direct estimate of Rs 15 crore) up 171.5% YoY
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E-mobility business registered strong growth and recorded highest ever quarterly volume of 33,000 units. Also H1FY23 volume was higher than full year of FY22. Key monitorable, going forward, would be pace of new launches, ramp up in volumes and profitability
Impact:
Positive