The company, which had earlier been making losses, had been in the profit zone for the last two quarters, said managing director Ajinkya Firodia
Sensing the change in the auto sector in the country as it takes strides to shift to electric mobility, automotive component manufacturer Kinetic Engineering Ltd said that it revamped its business model to now making mainly gearboxes and EV parts.
It has come out with an Electric Vehicle (EV) kit for the manufacture of EV three-wheelers that are in demand, following incentives provided by the government, the company said.
In its former avatar, it used to make the Luna brand of mopeds and the Kinetic Honda scooter.
The company, which had earlier been making losses, had been in the profit zone for the last two quarters, said managing director Ajinkya Firodia.
It had outstanding debt of Rs 250 crore that it has now repaid.
Since the government is encouraging EV supplies from domestic sources, the company is expecting major demand for EV kits, “We are celebrating 50 years… our company has now converted into an auto component manufacture,” Firodia said.
“We have developed a complete EV kit that is 100 per cent Indian. We are supplying the axle and gearbox, and have sourced the motor and controller from domestic third parties,” he said.
Demand in India for EV three-wheelers is about 20,000, sourced mostly from China.
The firm is expecting Rs 40 crore of business from this business and will soon introduce a kit for EV two-wheeler assembly, he said.