On the segmental front, engine revenue was Rs 402.68 crore (up 21.26% YoY), Electric Mobility & Other Vehicles revenue was Rs 146.77 crore (up 3.71% YoY) while revenue from cables & control levers stood at Rs 73.79 crore during the third quarter.

Consolidated EBITDA grew to Rs 35 crore in Q3 FY24 as compared with Rs 3 crore recorded in corresponding quarter previous year.

EBITDA margin improved to Rs 5.3% in the third quarter as against 0.6% in same quarter last year.

For Q3 FY24, profit before tax zoomed to Rs 74.34 crore as compared to Rs 3.19 crore posted in Q3 FY23.

The company stated that it is making significant strides with a robust and diversified strategy spanning various business sectors. Greaves Engineering's strategic expansion into the USA and EU markets and its diversification into mechatronics and electronics with a focus on green fuels underscores its commitment to growth and innovation.

Nagesh Basavanhalli, non-executive vice chairman of Greaves Cotton, said, “Our diverse portfolio and strategy, underpinned by a commitment to fuel-agnostic solutions, have played a pivotal role in driving our advancements. Synergistic collaboration with Excel Controlinkage is bringing in new capabilities and opening newer avenues of growth for Greaves Engineering. Greaves Retail fortified our presence in the aftermarket. Our enduring success is rooted in a steadfast focus on modern capabilities, our value propositions and our ability to fulfil the requirements of our diverse customer base.”

Khila Balachandar, CFO, Greaves Cotton Limited, said, “We are delighted to report that in Q3, our standalone result have once again demonstrated a resilient performance, achieving noteworthy results. We have witnessed commendable 21% year-on-year growth in revenues and an impressive 73% year-on-year surge in EBITDA, underscoring our commitment to sustainable financial success. Our relentless focus on operational efficiency has further contributed to margin improvement. With a solid foundation and a firm dedication to excellence, we are optimistic that our success will endure in the upcoming quarters, positioning us well to capitalise on exciting business prospects.”

Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel agnostic powertrain solutions, e-mobility, aftermarket & retail.