Greaves Cotton Limited, a diversified engineering company, today announced its results for the second quarter of FY2021-22. The company’s e-mobility business has recorded a 111% revenue growth in Q2 FY22 when compared with Q2 FY21. It now has over 100,000 EV consumers and has emerged as one of the fast-growing EV brands in the country.
Recently, the company has strengthened its EV portfolio with the acquisition of a 26% stake in MLR Auto, adding L5 cargo units and electric auto in the product range. In addition, Greaves Electric Mobility acquired 26% per cent balance stake in e-rickshaw firm Bestway Agencies. It has also launched a multi-brand EV retail store, AutoEVmart, to build a best-in-class experience for EV buyers.
Commenting on the company performance, Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, “The Company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions. Our diversification strategy has resulted in accelerated growth across all business areas with higher operational efficiencies and surplus cash to drive transformative growth with new agility & resilience in future.” He added.
In the recent quarter, Ampere electric 2W has seen a substantial increase in sales volume. The high-speed electric scooter range Magnus EX was recently launched in the market with encouraging responses from a variety of stakeholders. Greaves electric mobility is gaining popularity in the mass mobility category as demand for its electric two-wheelers (Ampere electric scooters) and electric three-wheelers (Ele electric rickshaws & MLR e-autos) has been increasing month-on-month.
