The company noted significant growth in the automotive engine segment, which saw a 31% increase, boosting their market share to 57%. New product launches included alternate fuel engines and CPCB IV+ gensets, both receiving positive market feedback. This quarter also marked an extension of their global reach, with exports now constituting 12% of their engineering revenue, particularly to the United States and the European Union. The development of e-powertrains was also highlighted.
Greaves Retail expanded its Original Equipment (OE) partnerships with large conglomerates and multinational corporations. They piloted an e-commerce delivery model for their 2WMB parts and established new business ventures in construction equipment. The Greaves Electric Mobility Private Limited (GEMPL) 2W segment saw a 10% volume increase, while the 3W segment grew by 19% quarter-over-quarter, driven partly by the launch of the Nexus high-performance family scooter and enhanced supply chain operations for ELTRA.
Akhila Balachandar, CFO of Greaves Cotton Limited, said, "Greaves Cotton Limited's Q1 FY25 performance underscores the success of our diversification strategy. Our strong revenue growth reflects our commitment to broadening our product range and market reach. By embracing a fuel-agnostic approach and expanding into new sectors, we've not only enhanced our market position but also significantly boosted our exports and established new businesses. This quarter's results are a testament to our strategic vision and operational excellence, driving sustained growth across businesses."
This performance underscores the company's successful diversification strategy and operational efficiency, contributing to sustained growth across various business segments, including automotive engines, retail, and electric mobility, the company said.
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