Greaves Cotton Q2 results: Engineering firm logs consolidated net profit of Rs 32.3 crore, revenue grows 87%

Diversified engineering firm Greaves Cotton has reported a consolidated net profit of Rs 32.3 crore in the second quarter ended September 30, mainly driven by the electric mobility business.

Greaves Cotton had posted a consolidated net loss of Rs 23.29 crore in the same quarter of the previous fiscal, according to a regulatory filing.

Its consolidated revenue from operations was Rs 698.81 crore against Rs 373.51 crore in the year-ago period, it added.

The company's total expenses during the second quarter stood at Rs 672.05 crore against Rs 399.86 crore in the same period last fiscal. The cost of materials consumed was Rs 497.73 crore compared to Rs 256.18 crore in the year-ago period.

The engine segment clocked a revenue of Rs 345.04 crore against Rs 253.84 crore a year ago.

The electric mobility vertical, through which it sells the Ampere brand of electric two-wheelers, recorded the highest-ever quarterly revenue of Rs 318.25 crore, up from Rs 89.47 crore in the year-ago period.

The company said it sold around 33,000 units during the quarter.

"Our focus on accelerating adoption of electric vehicles and transforming last mile mobility with clean transport solutions has strengthened our leadership position in this fast-growing market," Greaves Cotton Ltd Executive Vice Chairman Nagesh Basavanhalli said.