Diversified group Greaves Cotton on Friday said it has seen an exponential growth in its non-automotive business, with revenue from the segment jumping 76 percent in the fourth quarter of last fiscal despite the pandemic.
The growth is a result of the group's diversification strategy to venture into newer and less explored non-automotive business segments, which have emerged as the key growth driver for the company, Greaves Cotton said in a release.
The company's non-automotive business includes non-auto small engine, industrial engines, smart gensets as well as light equipment such as pumpset, light-agri and construction equipment, and industrial equipment.
The company accelerated the non-automotive business and has seen impressive growth year-on-year. As per the Q4-FY21 results, the non-auto small engine business grew by 32 percent and genset business by 49 percent over the year-ago period, the release said.
The industrial engine and light equipment segments too have been growing steadily.
Overall, this business has seen exponential growth, with its widespread presence in multiple applications across various sectors. The revenue from this segment grew by 76 percent during Q4FY21,the company said.
The company's "non-automotive segment has achieved significant revenue growth for Greaves even during the pandemic. We have developed versatile applications based on our engines.
"Last quarter, we contributed significantly to help the society in dealing with COVID crisis, through critical installations at hospitals & COVID care centres," Sunil Shahi, CEO of non-auto business at Greaves Cotton, said.
Further, the company said it has developed customer–centric applications on a varied HP range of reliable and affordable engines.
These engines have applications in areas such as agriculture, construction, marine, firefighting, gardening and micro-irrigation with power capacity ranging from 1.5 HP to 700 HP, as per the company