Kinetic Engineering Limited ‘s (KEL) revenue from operation for nine months ended in December 31, 2021 increased 70 per cent compared to the corresponding period last year. Total sales crossed ₹90.53 crore, a jump of 4 per cent.
The company reported increase in EBITDA from ₹2.44 crore to ₹10.8 crore and net profit of ₹91 lakhs for the nine months against a loss of ₹7.49 crore in the previous year.
Going by the current order book and momentum, the company is confident of crossing pre-Covid levels in the current financial year. This is in spite of continued pressure on margins due to the increase in commodity prices and subdued demand from automotive customers amid the global chip shortage, the company said.
Ajinkya Firodia, MD, Kinetic Engineering Limited, said, “We are in the right direction to achieve our vision. I am pleased that our 100 per cent made-in-India electric axles have received a positive response from our customers. The quarter’s performance was in line with our expectations, and we are confident to begin the next year on a promising note”.
Focus on EVs
He added, “Our focus will be on EVs in the coming days, wherein we will be extensively making two-and three-wheeler chassis and complete gearboxes. This quarter, we have won a new order from our existing customer, Carraro, with a business potential of ₹7-8 crore per annum and have commenced supplies. KEL continues to work with its customers to overcome the ongoing challenges and grow profitably.”
New products developed for electric mobility have received a good response in the market. KEL continues to add new products into this space. It has recently finalised orders for the development of chassis and other parts for electric moped manufacturers and bagged an order for a gearbox for a leading three-wheeler manufacturer, the company said in a press release.