The shares of the energy solutions company gained up to 6 percent after the company collaborated with ElectricPe to make EV buying more accessible.
With a market capitalization of Rs 3,858.16 crore, The shares of Greaves Cotton Ltd were trading at Rs 166.30 per share, increasing around 0.91 percent as compared to the previous closing price of Rs 164.80 apiece.
According to the company filing, Greaves Finance Limited, a non-banking financial corporation (NBFC) and fully owned subsidiary of Greaves Cotton Ltd, has announced a partnership with ElectricPe through its electric vehicle ownership platform evfin to make EV purchasing more accessible to its customers.
Furthermore, This collaboration represents a turning point in the EV environment, uniting the talents of two creative businesses committed to simplifying the ownership experience.
Additionally, as a part of this agreement, ElectricPe clients receive access to expert financial support, allowing them to explore personalized financing alternatives from Greaves Finance Limited that are suited to their specific tastes and needs.
The company’s revenue increased by 4 percent, from Rs 699 crore in Q2FY23 to Rs 727 crore in Q2FY24. During the same period, net profit also decreased, from a profit of Rs 32 crore to a loss of Rs 375 crore.
Greaves Electric Mobility Private Limited (GEMPL) is the electric mobility division of Greaves Cotton Limited. GEMPL has been designing and producing electric cars for over 15 years.
Furthermore, GEMPL has over 2.3 lakh consumers and aims to develop an inexpensive and sustainable environment for clean last-mile mobility solutions in the country.
The Company recently released a low-cost diesel BS-VI solution with lower TCO in H2 FY 2022-23, which received a strong market reaction. In addition, the company is constantly increasing its market share in the diesel 3W area.
Greaves Cotton manufactures engines and engine applications, as well as trades power tillers, engine parts, electric cars, and infrastructural equipment.
Written by:- Abhishek Singh
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