Greaves Cotton (501455) Q1 23/24 earnings summary

Executive summary

• Consolidated Q1 FY24 revenue from operations was ₹568.59 crore, down from ₹660.19 crore; EBITDA was negative ₹14 crore and net loss was ₹24.93 crore.

• Standalone revenue was ₹395.95 crore and net profit ₹33.79 crore; GCL + Excel revenue grew 16% to ₹435 crore.

• Engineering and retail growth was offset by electric mobility weakness amid regulatory pressure and lower E2W volumes.

Financial highlights

• Consolidated revenue from operations was ₹568.59 crore versus ₹660.19 crore in Q1 FY23; total income was ₹590.10 crore versus ₹670.73 crore.

• Consolidated loss before exceptional items and tax was ₹11.34 crore versus profit of ₹26.33 crore; loss after tax was ₹24.93 crore versus profit of ₹15.94 crore.

• Standalone revenue was ₹395.95 crore versus ₹373.62 crore; EBITDA rose 63% to ₹45 crore and profit after tax was ₹33.79 crore versus ₹35.63 crore.

• Consolidated exceptional income was ₹0.93 crore; standalone exceptional income was ₹0.93 crore versus ₹19.86 crore in Q1 FY23.

Segment performance

• Engines + Excel revenue rose 18% YoY to ₹296 crore; EBITDA was ₹32 crore versus ₹8 crore, with margin of 11% versus 3%.

• Retail revenue grew 13% to ₹139 crore; EBITDA rose 35% to ₹27 crore, with margin of 20% versus 16%.

• Electric Mobility revenue fell 52% to ₹135 crore; EBITDA was negative ₹71 crore versus ₹8 crore, with a negative 52% margin.

• Consolidated segment revenue was ₹363.98 crore for Engines, ₹128.96 crore for Electric Mobility, ₹38.75 crore for Cables & Control Levers and ₹36.90 crore for Others.

• E2W volume fell 56% to 12,790 units, while E3W volume rose 240% to 2,688; total electric mobility volume declined 48% to 15,478 units.