New Delhi, April 14
Homegrown electric two-wheeler manufacturer Okinawa Autotech has reported a steep 87 per cent drop in revenue in FY24.
The company’s revenue from operations slipped to just Rs 182 crore in FY24 from Rs 1,144 crore in the previous financial year, according to its latest financials.
Okinawa also posted a loss of Rs 52 crore in FY24, a sharp contrast to the Rs 166 crore of earnings before interest, taxes, depreciation and amortisation (EBITDA) it had recorded in FY23.
The company’s operating margins and return on capital employed (ROCE) also took a major hit, with EBITDA margin falling to (-)25.8 per cent and ROCE to (-)102 per cent.
For every rupee Okinawa earned in FY24, it spent Rs 1.38, as per its financials.
The company’s total sales crashed from 95,931 units in FY23 to just 20,873 units in FY24. This sharp drop also reflected in its market share, which declined from 13.17 per cent to 2.20 per cent.
The current fiscal year (FY25) hasn't shown much improvement either, with only 3,548 units sold so far, translating to a mere 0.31 per cent market share.