RattanIndia Enterprises rose 1.82% to Rs 44.65 after the company-backed Revolt Motors announced the expansion of its retail presence in Kolkata, West Bengal, making it the 16th dealership store across the country.
The West Bengal government has introduced various initiatives to accelerate the process of electric vehicle (EV) adoption and is targeting 10 lakh vehicle registrations of EVs by 2025. Additionally, the government has set up a dedicated EV cell, and confirmed no road tax and registration fees on electric wheelers.
With the rising petrol prices and an aim to fulfil the consumer demand, the company has plans to expand its sales network and strengthen retail presence further by entering 59 new cities in India including Chandigarh, Lucknow & NCR by early 2022. Last month, Revolt Motors opened its first retail store in the Andhra Pradesh region in Vizag. All the new stores will be set up by retail partners across the key cities.
Due to the surge in demand for Revolts bikes, the new stores will focus on India-centric, flexible and cost-effective innovations that will drive the growth of electric mobility. The new centres will not only act as sales points for the company, but also give the customers a chance to experience the vehicle and go through the design, the charging process and how the installation of the charging points take place. The customers can also get a sense of their riding patterns after the test ride.
On a consolidated basis, RattanIndia Enterprises' net loss stood at Rs 4.48 crore in Q2 FY22 as compared to a net profit of Rs 0.05 crore in Q2 FY21. Net sales stood at Rs 0.54 crore in Q2 September 2021.
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
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