Our commitment to sustainability is at the heart of our operations,
driving us to adopt responsible practices and offer products and services that promote
carbon-neutral last-mile mobility. Notable achievements include the inauguration of our
fourth solar plant at IEB, Aurangabad, and initiatives to recycle aluminium scrap
briquettes, significantly reducing energy consumption.
Dear Shareholders,
I am pleased to share with you the Company's transformation journey in
the fiscal year, staying true to our rich history of innovation and growth. We have
undergone significant transformation in recent years, evolving from a single-business,
single-fuel model to a multifaceted organisation with a fuel-agnostic approach. Despite
facing various challenges, our performance in the Financial Year 2023-24 has been
commendable, underscoring the resilience of our diversification.
Our varied portfolio and strategic approach, underpinned by our
dedication to fuel-agnostic solutions, have been instrumental in propelling our progress.
Collaborating synergistically with Excel Controlinkage has introduced fresh capabilities
and unlocked new avenues of growth for our longstanding business, Greaves Engineering.
Furthermore, the Company has diversified its product range by venturing into mechatronics
and electronics. Progressing steadily, our initiative to develop a portfolio capable of
utilising green fuels yields promising results. Additionally, Greaves Engineering has
effectively broadened its export reach to include the USA and EU, signalling a strategic
expansion into global markets.
Greaves Electric Mobility Private Limited (GEMPL) remains committed
to innovation, exemplified by the launch of Greaves Eltra, the first fully IoT-connected
electric cargo and passenger three-wheeler (E3W). GEMPL continues to hold its position
among the top five players in the electric two-wheeler (E2W) segment, now catering to 75%
of the market. Additionally, GEMPL has expanded its dealer network, inaugurating its first
showroom in Nepal through a strategic partnership. Regarding the MHI FAME issue, in line
with our dedication to consumer interests and to avoid prolonged legal disputes, GEMPL has
offered to amicably resolve the matter by refunding the entire incentive claim of approx. '
124 crores, along with accrued interest, without admitting to any allegations. We are
awaiting confirmation from MHI to resume operations on the portal, demonstrating our
commitment to resolve this matter fairly and in the best interest of our consumers.
Greaves Retail </b>excels in the country's aftermarket segment,
leveraging new technology and digital initiatives to enhance customer engagement and
supply chain efficiencies. The introduction of our new vertical, EV Solutions, has fuelled
rapid growth across electric vehicle components, batteries, and charging stations.
Furthermore, our collaboration with Excel Controlinkage has allowed us to enter the
construction equipment aftermarket while expanding into energy management services for
telecom companies.
Our enabler businesses, Greaves Finance and Greaves Technologies, have
also made significant strides. Greaves Finance has expanded its footprint by
launching direct operations in 29 cities, facilitating EV financing. Recently, evfin
joined hands with Muthoot Capital to finance E2W in the country. Meanwhile, Greaves
Technologies has enhanced its suite of digital services to help customers transition
to sustainable engineering solutions more effectively.
Our commitment to sustainability is at the heart of our operations,
driving us to adopt responsible practices and offer products and services that promote
carbon-neutral last-mile mobility. Notable achievements include the inauguration of our
fourth solar plant at IEB, Aurangabad, and initiatives to recycle aluminium scrap
briquettes, significantly reducing energy consumption. Our tree plantation drives, water
conservation initiatives, and e-waste reduction efforts contribute to a sustainable
future.
Greaves is committed to fortifying and broadening our pillars of
excellence and innovation as we expand our reach and impact in communities. Our journey
towards sustainable growth acknowledges the pivotal role of technology in shaping the
future, with Greaves leading the charge in pioneering advancements, from electric vehicles
to cutting-edge technologies. Through collaboration and partnership, we amplify our
impact, empowering lives with engineering solutions that promote environmental stewardship
and community well-being. Looking forward, we are well-positioned to capitalise on
economic opportunities, supported by our global customer base, diverse product portfolio,
ongoing innovation, and strong financial foundation.
On behalf of the Board of Directors, I want to extend our heartfelt
gratitude to our valued shareholders. Your unwavering support and patience throughout our
transformation journey has been instrumental in our success. The momentum we have built
further strengthens our confidence in our strategy, affirming our commitment to
consistently deliver sustainable value.
Warm regards,
Karan Thapar
Chairman