☎️ Con-call Highlights  - #Greaves Cotton Limited

**Greaves Cotton Limited (GCL) Q3 FY25 Earnings Call Key Takeaways**

**Financial Performance:**

* **Consolidated Revenue:** Rs.751 crore (13% increase YoY)
* **Standalone Revenue:** Rs.502 crore (13% increase YoY)
* **Excel Controlinkage Revenue:** Rs.69 crore (7% decline YoY, 15% increase QoQ)
* **Greaves Electric Mobility (GEML) Revenue:** Rs.184 crore
* **Greaves Engineering Revenue Growth:** 14% YoY
* **Greaves Retail Revenue Growth:** 13% YoY
* **Profit:** Rs.67 crore (standalone, Q3) and Rs.176 crore (standalone, 9 months)
* **Cash Reserves:** Rs.503 crore
* **Near Zero Debt**

**Operational Performance:**

* 64% of business from B2C segments.
* **Greaves Retail:** Among the top players in the three-wheeler parts segment. Progress in electric three-wheeler aftermarket parts and powertrain business. Expanding into construction equipment and HCV parts. Upskilling mechanics on electric vehicles. 250 distributors, 10,000 retailers, and 25,000 mechanics. Growing multi-brand parts (CNG and two-wheeler) and exports to the Philippines and East Africa. Greaves Care leading in multi-brand servicing for three-wheelers, including electric vehicles, through over 225 franchise outlets.
* **Greaves Engineering:** Achieved double-digit revenue growth. Shifted from automotive diesel engines to diverse applications. Increased revenue from non-automotive applications by over 30%. Expanded genset market share to nearly 4%. Exploring multi-fuel solutions and exports made up around 10% of revenues. Collaborations with partners in EU, USA, Africa, and the Middle East. Installed new assembly line for e-powertrains and received AS9100D certification for aerospace components.
* **Greaves Electric Mobility:** Filed DRHP with SEBI in December 2024 for a proposed IPO.

**Future Outlook:**

* Sustaining momentum and driving innovation to create long-term value.
* Focus on improving margins.
* Strategic investments for new product development and brand expansion.
* **Greaves Retail:** Plan to increase contributions from EV components and commercial vehicle parts utilizing digital technologies.
* **Greaves Electric Mobility:** Intends to use IPO funds for technology development, manufacturing capacity expansion, and other enhancements.
* Exploring aerospace segment as a long-term opportunity. Excel acquisition opens new avenues in engine ecosystems and controls. Developing applications for electric powertrains and expanding in sectors like railways and defense.

**Concerns:**

* Revenue decline in Excel Controlinkage attributed to a temporary slowdown in the OEM industry and inventory destocking.

**Other Important Points:**

* Greaves is transitioning towards a sustainable mobility ecosystem with innovative products. 
* Showcased hydrogen-powered engines and electric vehicle concepts at Auto Expo 2025.
* Currently working on hydrogen engine technology and retrofitting larger engines.
* Pathway to full ownership of Excel Controlinkage.

* Machine generated highlights, exercise diligence

⚡ AI powered update byCheck-outto receive WhatsApp updates faster than twitter/X.
#Greaves