Greaves Cotton Q3 FY24 standalone profit up 74% y-o-y to INR 65 cr
The company has reported that its standalone revenues increased by 21% y-o-y to INR 443 crore for the third quarter of fiscal year 2024.
The company has reported that its standalone revenues increased by 21% y-o-y to INR 443 crore for the third quarter of fiscal year 2024.
Under this collaboration, Ugro Capital will offer an array of comprehensive inventory funding options to all dealers of Greaves Retail to address their working capital requirements. This alliance aims to strengthen the dealers' purchasing power and facilitate smooth business transactions It aims to address the working capital requirements of over 180 distributors and 9000 dealers across the country, the company said.
E-rickshaws (E3Ws) possess the potential to drive inclusive and sustainable economic growth in India. By addressing transportation gaps, reducing pollution, and improving the lives and livelihoods of drivers, they offer a promising solution for urban mobility. However, overcoming challenges related to regulations, infrastructure, and safety concerns is essential for their effective adoption.
Ampere's growth in the EV segment can be attributed to its diverse range of products and its extensive pan-India dealer network spanning across Tier 1 to Tier 4 markets, the company said.
Greaves Cotton strengthens its commitment to building a complete EV ecosystem stack for the last-mile 2 and 3-wheeler passenger and cargo mobility with "Made in India" electric powertrain solutions underpinned by global technology, the company said.
Electric mobility continues to see steep growth on the back of a collective global response to the climate crisis caused by fossil fuel use.
The company said it will harness Siemens’ advanced digital capabilities, including digital twins in product planning, engineering, and development.
During the camp customers can take advantage of an array of offers and discounts like paid labour discount of up to 25% , 10% discount on paid spare parts and 10% discount on extended warranty purchases, subject to conditions, the company said.
These 1 lakh e-scooters were serviced in 275 cities across India through 350-plus service touchpoints. The services offered to the customers ranged from periodic free and paid services to accidental, warranty and general repair, the company said.
The new businesses continue to see strong growth with a 56% revenue contribution to the overall business in Q1 FY23. The retail sales of the E-Mobility business stood at 29,577 units for this quarter, up by 19 % against Q4 FY22. Ampere increased its market share to 15.5% as of the end of June 2022 and emerged as the No.2 player in the e2W segment.
“The recently-launched Magnus EX is receiving positive response from the customers, therefore leading to more bookings and sales,” the company said.
With the conclusion of this acquisition, Greaves Electric Mobility strengthens its position as one of the largest end-to-end players in the last mile mobility segment catering to 85% of the consumer demand.
Last July, the company announced its intervention with Noida-based Bestway with a 74% stake and added e-rickshaw as part of the portfolio offerings.
Ampere said this acquisition reflects its agility and commitment to responding to the emerging needs of its 3W customers for disruptive and cost effective products that enhance daily savings and transform ease of driving with emission-free and noise-free vehicles.
The company said Ampere scooters are being used extensively during this second wave of COVID-19 for essential services including home deliveries facilitating a sustainable ecosystem.
The company said the Q4 growth was mainly owing to diversification and new business initiatives like e-mobility, aftermarket solutions, and non-automotive engines.
Prior to this, Mitra was president - engines business, at Greaves Cotton Limited.
Bestway sells e-rickshaws under the ELE brand.
Ampere Electric current offers models like Zeal, Reo Elite, V-48 LA, Magnus 60, Reo LA and REO Li.
Heading into the new year, ETAuto reads the mind of top CEO's to showcase their strategic path in 2020.
Name | DIN | Designation | Date of joining | |
---|---|---|---|---|
Vinay Vinod Sanghi | Unlock to View | Unlock to View | Director | 04 Aug,2017 |
Sree Kirat Patel | Unlock to View | Unlock to View | Director | 14 Feb,2017 |
Nagesh Basavanhalli | Unlock to View | Unlock to View | Director | 27 Sep,2016 |
Kewal Kundanlal Handa | Unlock to View | Unlock to View | Director | 06 May,2016 |
Arvind Kumar Singhal | Unlock to View | Unlock to View | Director | 01 Nov,2013 |
Navneet Singh | Unlock to View | Unlock to View | Director | 01 Aug,2013 |
Vikram Krishanlal Tandon | Unlock to View | Unlock to View | Director | 07 Aug,2007 |
Vijay Dilbagh Rai | Unlock to View | Unlock to View | Director | 21 Mar,2002 |
Karan Thapar | Unlock to View | Unlock to View | Director | 29 Sep,1991 |
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