By IANS,
Ahmedabad : The bike division of the multi-product company Electrotherm India Ltd (EIL) has posted revenues of Rs.200 million in the July-September period this year, compared to Rs.130 million in the previous quarter.
During the quarter under review, the company reported a 54 percent increase in the sale of Yo-bikes, the electric model that has no petrol engine, gear box, carburetor, kick starter and silencer.
Yo-bikes operate with lead acid sealed batteries.
“We are all excited about the development,” EIL chief financial officer Naveen Nakra said, referring to the quarter results.
EIL launched its first electric scooter in 2006. Recently, it launched in Ahmedabad Yo-Speed, a high speed version of e-bike.
It has since developed electric three-wheeler as well as two prototypes of hybrid electric bus which are under testing. The company is also setting up a manufacturing facility for producing motors for the electric vehicles.
During the second quarter, EIL’s special steel division has posted 80 percent revenue growth while the engineering and projects division has reported 58 percent growth.
However, this performance has been overshadowed by steep hikes in manufacturing costs.
The virtual doubling of manufacturing costs is certainly a “source of worry” but the management is focused on controlling costs, Nakra said.