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Gurugram-based electric two-wheeler manufacturer Okinawa Autotech reported a revenue of Rs 822 crore in FY22 as against Rs 118 crore in FY21—a 7X growth.

Seven-year-old Okinawa has launched eight different electric two-wheeler vehicles including Praisepro, IPraise+, Okhi-90, Ridge+, LITE, R30, and Dual to date. Around 91% of the total collection came from the sale of vehicles while the rest of the income is from the sale of spare parts and scrap, as reported by Entracker.

According to Vahaan portal, in the month of October, the company registered 14,926 vehicles and for November, 2,345 vehicles were registered to date.

In FY 2022, the company claims to have achieved a sales milestone of about 100,000 units.

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With around 7X growth in its scale, the profits of the company jumped 16.3X to Rs 89.5 crore in FY22 from Rs 5.5 crore in FY21. Backing strong fundamentals, the company spent Rs 0.85 to earn a single unit of operating revenue.

For the two-wheeler manufacturing firm, the cost of procurement was the largest cost centre forming around 89% of the total cost, which surged 7.5X to Rs 627 crore in FY22, according to the report.

During the period, employee benefits expenses rose 4X to Rs 24.5 crore, whereas the cost of advertising and promotion for the company also grew 3.8X to Rs 16.2 crore in FY22.

Okinawa added another Rs 18 crore as freight cost, pushing overall cost 6.3X to Rs 701 crore in FY22 from Rs 111 crore in the preceding fiscal year (FY21).