Greaves Cotton (501455) Q3 24/25 earnings summary

Executive summary

• 9MFY25 consolidated revenue was ₹2,095.61 Cr, up 7% YoY; standalone revenue was ₹1,414.61 Cr, up 9%. B2C businesses contributed 64% of revenue.

• Q3 revenue grew YoY on both bases, while consolidated PAT fell to ₹6.68 Cr from ₹45.60 Cr; 9MFY25 consolidated loss narrowed to ₹7.81 Cr from ₹353.92 Cr, with exceptional items affecting comparisons.

Financial highlights

• Consolidated Q3 revenue was ₹750.60 Cr, up 13% YoY; EBITDA was ₹40 Cr, up 12%, with a 5.3% margin.

• Consolidated 9MFY25 EBITDA was ₹90 Cr, up 33% YoY; operating PBT was ₹44 Cr, down 23%.

• Consolidated Q3 profit before exceptional items and tax was ₹22.43 Cr versus ₹27.18 Cr; PAT was ₹6.68 Cr versus ₹45.60 Cr.

• Standalone Q3 revenue was ₹502.22 Cr; EBITDA was ₹67 Cr and operating PBT ₹64 Cr. Q3 PAT was ₹48.95 Cr versus ₹87.70 Cr YoY.

• Standalone 9MFY25 EBITDA was ₹176 Cr, flat YoY; operating PBT was ₹169 Cr and PAT ₹124.06 Cr versus ₹244.89 Cr.

Outlook and guidance

• Vision targets ₹15,000 Cr ($2B) revenue by 2030 through organic growth and strategic acquisitions.

• Engineering targets exports at 20% of revenue, prioritizing the USA, Middle East and Africa; Q3 exports were ~10% of revenue.

• Focus areas include clean-energy solutions, CNG engines, electric powertrains, exports and non-automotive applications.

• Eligible vehicle models received PM E-DRIVE certificates and qualify for subsidies; the proposed ₹1,000 Cr IPO was progressing through regulatory approvals after the draft prospectus filing on December 23, 2024.