Greaves Cotton (501455) Q4 23/24 earnings summary

Executive summary

• FY24 standalone revenue was ₹1,778.59 crore, up 15% YoY; EBITDA rose 53% to ₹232 crore and margin expanded to 13.0%.

• FY24 consolidated revenue was ₹2,633.19 crore; net loss was ₹367.27 crore, with results including a ₹334.83 crore net exceptional expense, primarily a ₹477.32 crore FAME subsidy provision.

• Diversification across engineering, retail, electric mobility, finance and technology supported the broader mobility ecosystem, with performance varying significantly by segment.

Financial highlights

• Standalone FY24 profit before exceptional items and tax was ₹227.02 crore versus ₹153.73 crore; net profit was ₹284.36 crore versus ₹115.10 crore, including ₹138.70 crore net exceptional income.

• Consolidated FY24 EBITDA was ₹91 crore, down 31% YoY; margin was 3.5% versus 4.9%. Profit before exceptional items and tax was ₹61.73 crore versus ₹125.31 crore.

• Q4 standalone revenue was ₹481 crore, up 10% YoY; EBITDA was ₹56 crore, up 9% YoY and down 16% QoQ.

• Q4 consolidated revenue was ₹672.53 crore versus ₹826.94 crore; EBITDA was ₹24 crore, down 52% YoY, and net loss was ₹13.35 crore versus net profit of ₹27.22 crore.

• Standalone FY24 operating PBT margin was 12.8% versus 9.9%; consolidated operating PBT margin was 2.4% versus 4.9%.

Segment performance

• Engines FY24 revenue was ₹1,614.67 crore versus ₹1,424.78 crore; segment results were ₹275.11 crore versus ₹177.79 crore.

• Greaves Engineering Q4 revenue was ₹320 crore and EBITDA ₹28 crore; margin was 8.7%, down from 12.6% in Q3 FY24. Retail Q4 revenue was ₹162 crore and EBITDA ₹28 crore; margin was 17.5%, down from 21.4%.

• Excel Controlinkage FY24 revenue was ₹263 crore, up 41%; EBITDA rose 99% to ₹81 crore, with 30.8% margin. Exports contributed 33% of revenue.

• Electric Mobility & Other Vehicles FY24 revenue was ₹595.69 crore versus ₹1,124.31 crore; segment loss was ₹205.79 crore versus ₹0.78 crore profit. Performance was affected by the FAME subsidy matter.

• E3W sales rose 97% YoY to 13,601 units in FY24, while E2W sales declined 56% to 47,818 units.