Greaves Cotton (501455) Q2 24/25 earnings summary

Executive summary

• Strategic shift from a diesel-engine and B2B model toward a diversified last-mile mobility ecosystem across engineering, electric mobility, retail, technology and finance.

• Board aspiration to reach INR 15,000 crore revenue by 2030 through organic growth and strategic acquisitions.

Financial highlights

• Q2 consolidated revenue was ₹719.09 crore; reported net loss narrowed to ₹14.33 crore from ₹374.59 crore, with the prior-year period including a large FAME subsidy provision.

• Consolidated Q2 EBITDA was ₹23 crore, down 50% YoY; H1 EBITDA was ₹50 crore, up 55% YoY.

• Consolidated H1 revenue was ₹1,375.75 crore vs ₹1,332.23 crore; reported net loss was ₹14.49 crore vs ₹399.52 crore.

• Standalone Q2 revenue was ₹477.23 crore and net profit ₹38.56 crore; standalone EBITDA was ₹59 crore, down 7% YoY but up 18% QoQ.

• Consolidated Q2 profit before exceptional items and tax was ₹6.11 crore vs ₹39.98 crore YoY; standalone H1 revenue was ₹933.73 crore and profit before exceptional items and tax was ₹105.53 crore.

Segment performance

• Engines Q2 revenue was ₹413.85 crore and segment result ₹67.01 crore; automotive 3W diesel volumes rose 8% QoQ and 18% YoY.

• Electric Mobility & Other Vehicles Q2 revenue was ₹173.59 crore; segment loss widened to ₹56.62 crore from ₹36.78 crore.

• Cables & Control Levers Q2 revenue was ₹57.16 crore and segment result ₹15.00 crore; Excel Q2 revenue was ₹61 crore, EBITDA ₹17 crore and margin 28.2%.

• Retail Q2 revenue was ₹158 crore, EBITDA ₹26 crore and margin 16.5%; revenue rose 8% QoQ.

• Electric mobility Q2 revenue was ₹175 crore and EBITDA loss ₹53 crore; revenue increased 37% QoQ, while volumes fell 18% YoY to 16,626 units.