Sterling Gtake E-Mobility Ltd is set to take a quantum leap in FY23

Faridabad (Haryana) [India], June 1 (ANI/BusinessWire India): Sterling Gtake E-Mobility’s revenue for Q4 FY22 stood at Rs 309 million, registering a monthly run rate of Rs 100 million.

Total revenue for the year ended March 31, 2022 stood at Rs 384 million, an incredible journey for a company that was only registered in Jan 2020 and that has operated in the shadow of the COVID pandemic for its entire existence.

In July 2021, it has bagged an order worth Rs 600 million from a leading electric two-wheeler maker for high-speed electric two-wheeler application and has also secured a follow-up order for Rs 1 billion from the same customer. It has also secured orders from 10 other EV OEMs. The order book as on date stands at Rs 1.75 billion, all of which will be executed in FY23.

SGEM’s product portfolio covers the entire spectrum of applications from 1 KW to 200 KW and 48V to 700V. SGEM is in advanced stages of discussions with an additional 30 automobile (EV) OEMs for their MCU requirements for different vehicle segments.

Currently, the company’s production supplies are to electric scooter manufacturers, in FY23 the company will however also start production supplies to Electric 3W, motorcycle and LCV customers.

Part of the product portfolio has been localized and these MCUs are either already compliant or in the process of being compliant with FAMEII requirements. Other products are slated for localization in FY23.

The company envisages a Capex of Rs 500 million over the next couple of years. Current capacity of 300,000 units is being further enhanced to cater to additional demand and an Engineering Centre has been established in Bangalore to accelerate domestic development of Motor Control Units.

Commenting on the Company’s performance, Anil Aggarwal, Chairman & MD of Sterling Group, said in a statement, “We are elated to with the performance of our EV venture – Sterling Gtake. From a standing start in the IIIQ of FY22, we have now achieved a run rate of ~Rs 150 million per month. And within months of starting production, we have gone from a CKD operation to localizing all possible components and processes. At a group level, Electronics and Electric Vehicle component revenues has gone from zero in FY21, to 10 per cent in FY22 and will hopefully go up to ~30 per cent in FY23. We have been able to achieve this growth due to the undeterred determination of our team and will continue to stay steadfast to our goals in the future. Being one of the pioneers in the Indian EV industry, we are well placed to provide to the rising demand in this sector. Looking forward, we aim to expand further and emerge as the largest domestic supplier of MCUs and other EV powertrain components on the back of our commitment to our core principles – customer-centricity, productivity, and sustainability.”
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