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We interacted with management of Greaves Cotton limited, Mr. Sanjay Behl -CEO& Executive director of Greaves Electric Mobility, Mr. Chandrasekar Thyagarajan - CFO of Greaves Electric Mobility and Dr. Arup Basu - MD of Greaves Engineering. Greaves Cotton Limited manufactures internal combustion engines, power generation equipment and power transmission systems. The Company also manufactures mining, oilfield, construction and materials handling equipment, integrated systems and electronics. The Company operates in multiple segments: Automotive, Non-Automotive, Aftermarket, Retail, Electric Mobility, Technology and Finance. Presently, the company operates in five major sectors. Greaves Engineering, Greaves Electric Mobility, Greaves Retail, Greaves Finance, and Greaves Technologies. The company is transitioning from manufacturing diesel engines to new business ventures like EVs, retail, services, and spare components. Its engine portfolio caters to the diesel engine segment (3W, genset, and industrial solution), and now transitioning into CNG and electric motors. Greaves electric portfolio is catering to E-2W (under the brand name Ampere), E-3W/ e-passenger, and cargo segments. Greaves retail caters to a multi-brand product portfolio and greaves finance serves in auto financing. Excel Controlinkage Pvt. Ltd Company's recent acquisition is in the business of sensors, push-pull cable levers, and motion controllers for PV, CV, and Industrial and sells to both B2B and B2C segment. Income from the automotive sector accounts for 50% of total income and the rest is from nonautomotive (Marine and Industrial). The international industry generates about 1/3rd of overall revenue.

Electric Mobility Business:

Company plays in an important segment of under sub-1Lac price point segment which addresses the mass market where the first mover and switchers comes to the market. Company has scooters in all segment and formats from slow speed (25kmph) to city speed (45-65kmph) to high speed (75+kmph). Currently company has 500K unit's capacity for 2w at Chennai plant, for L3 capacity is of 24k units and for L5 capacity is of 18k units plants located in Noida and Hyderabad. The company previously held a commendable market share of 12% in the E2W market. However, due to deregistration from the FAME2 scheme initiated by The Ministry of Heavy Industries, the company's market share has diminished to 6%. Management has communicated that they have a strategic plan aimed to reclaiming its former 12% market share. To bolster its position, the company is gearing up to launch a new flagship model, the "NXG" scooter, positioning itself within the premium, high-speed, fully connected segment of electric scooters.

Notably, as per management the NXG model is expected to deliver a 110 km single-charge true range, placing it in direct competition with other prominent high-end offerings in the market such as the OLA S1 Pro and Ather 450x. One critical aspect highlighted by the management is the absence of issues related to FAME subsidy eligibility for the NXG model. Emphasizing their commitment to re-establishing themselves in the market, the management intends to apply for the FAME subsidy once the company is reinstated on the portal.

Greaves Engine Engineering Business:

Greaves' engineering arm thrives across automotive and nonautomotive domains, strategically navigating the engine sector with a versatile fuel-agnostic approach, particularly excelling in the realm of three-wheeler engines. Through the recent integration of Excel, Greaves has diversified its revenue streams, tapping into various engine applications within the construction, railway, commercial vehicle, and aftermarket segments. Anticipating

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