Greaves Cotton (501455) Q3 23/24 earnings summary

Executive summary

• Q3 FY24 consolidated revenue was ₹665.38 crore, up from ₹513.51 crore YoY; profit after tax was ₹45.60 crore versus a ₹5.71 crore loss.

• Standalone Q3 revenue rose 21% to ₹442.76 crore; EBITDA increased 73% to ₹67 crore, with margin expanding 450 bps to 15.2%.

• Nine-month consolidated loss after tax was ₹353.92 crore, largely reflecting exceptional items including the electric-mobility subsidy provision.

Financial highlights

• Consolidated Q3 EBITDA was ₹35 crore versus ₹3 crore, with margin at 5.3% versus 0.6%; operating PBT was ₹27.18 crore versus ₹3.87 crore.

• Consolidated nine-month revenue was ₹1,960.66 crore, up 5%; EBITDA fell 20% to ₹68 crore and operating PBT fell 25% to ₹57 crore.

• Standalone Q3 revenue was ₹442.76 crore versus ₹365.25 crore; PAT was ₹87.70 crore versus ₹27.38 crore.

• Standalone nine-month revenue was ₹1,297.29 crore versus ₹1,113.01 crore; EBITDA grew 76% to ₹175 crore and PAT was ₹244.89 crore versus ₹85.65 crore.

Outlook and guidance

• Engineering is broadening into mechatronics, electronics and green-fuel solutions; Excel Controlinkage synergies and expanded export reach target North America and the EU.

• Electric cargo ELTRA had a trial pipeline of 30+ operators across six cities; Magnus LT and NXG were upcoming electric two-wheelers.

• Retail is expanding EV parts and battery lines; digital initiatives target customer engagement and supply-chain efficiency.