News Karnataka
Wednesday, October 05 2022
Markets

Greaves Cotton e-mobility venture shows profit, Shares rise

Greaves Cotton emobility venture shows profit Shares rise
Photo Credit : IANS

New Delhi: Shares of heavy equipment manufacturer and e-mobility solution provider Greaves Cotton jumped sharply on Friday after the firm reported strong results in Q4FY22.

The company’s e-Mobility business reportedly turned profitable in Q4FY22.

At 3.04 p.m., the shares traded up 7.8 per cent at Rs 141.

Earlier in the day, it rose as much as 11 per cent.

The company reported its highest-ever consolidated revenue of Rs 621 crore, up 19 per cent year-on-year from Rs 520 crore in Q4FY21.

Profit after tax rose 22 per cent year-on-year at Rs 17 crore.

However, Greaves Cotton reported standalone revenue of Rs 378.7 crore which declined by 17.1 per cent on a yearly basis.

The company on January 3 launched its mega EV factory in Ranipet in Tamil Nadu. There is a strong demand for electric vehicles as the world is rapidly shifting towards green mobility.

The retail sales of the firm e-mobility business stood at 62,000+ vehicles for FY22, up 128 per cent from FY21 of 27,000+ vehicles, as per reports.

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