Greaves Cotton shares were trading 2 percent higher on August 29, after the auto-component maker’s business unit Greaves Retail announced the launch of ‘Power Raja’, a complete range of batteries for e-rickshaws.
At 1.45 pm on the NSE, Greaves Cotton stock was quoting at Rs 146.35, up 1.74 percent or Rs 2.50.
The batteries intended for e-rickshaws are powered by lead-acid technology and come in a capacity range of 120 ampere hour to 150 ampere hour, the company said in a regulatory filing.
"According to statistics from Vahan Dashboard, the three-wheeler category, one of the country's early adopters of EVs, recorded an EV penetration of 53 percent in FY23. Power Raja by Greaves will play a pivotal role in the booming e-rickshaw industry. We aim to empower e-rickshaw operators with a reliable and eco-friendly solution that enhances their profitability and sustainability," said Greaves Retail’s CEO Narasimha Jayakumar.
In its results for Q1FY24, the company reported a 13.7 percent year-on-year (YoY) decline in revenue from operations at Rs 569 crore. It reported a loss of Rs 25 crore for the quarter against a profit of Rs 16 crore reported in the same period last year. The operating loss stood at Rs 14 crore against an operating profit of Rs 36 crore reported in Q1FY23.
Greaves Cotton is engaged in the business of manufacturing engines, gensets, farm equipment and spares related to EVs. The company also manufactures and markets electric two wheelers under the brand name 'Ampere' and three-wheelers under the names 'Ele' and 'Teja.'
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