The Komaki Group announced that it has recorded a 102 per cent growth in its revenue during the financial year FY2023. The group reported a cumulative revenue of Rs 298 crore during FY2023 – up from Rs 147.02 crore in FY2022. The group also saw profits for the financial year double over FY 2022 at Rs 3.25 crore – up from Rs 1.51 crore.
KLB Komaki Pvt Ltd – under which the firm manufactures EVs in India - reported a revenue of Rs 198 crore posting a growth of 53 per cent over the previous financial year. The company remained the largest contributor to the group in terms of revenue with the company also posting a profit of Rs 2.25 crore in the financial year.
It should be noted that these are not the final figures for the year with the revenues and expenses from February and March yet to be recorded.
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Gunjan Malhotra, Director of Komaki Electric Vehicle Division, said, “Komaki, in just four years of existence, has earned a great reputation in the market and financially too the company is experiencing rapid top-line as well as bottom-line growth without any external funding. The brand has established a strong network of 380+ dealership stores all over the country. We offer the widest range of electric 2-wheelers, with 10 CMVR-exempt models and 8 high-speed registration models. Besides, we are working on the application of advanced technologies to manufacture the best-in-the-market batteries for our EVs.”
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Komaki said that its sharp growth in revenue came on the back of major investments into research and development, particularly in the field of batteries. The group said that its sales of electric scooters and motorcycles witnessed a sharp uptick in recent months following the launch of its new LiFePO4 battery which has been put to use in Komaki’s range of high-speed two-wheelers.
Komaki offers a large portfolio of electric scooters and motorcycles in the Indian market as well as manufacturing electric rickshaws.
