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Time of India
18-07-2025
- Automotive
- Time of India
Kinetic Green eyes large global footprint in JV with Tonino Lamborghini
Pune-based Kinetic Green Energy and Italy-originated Tonino Lamborghini SpA have joined hands to make electric golf carts for both Indian and global markets. The companies have launched their electric golf and lifestyle carts, which will be manufactured at Kinetic Green's Pune-based plant, company executives confirmed during the launch event. The carts--designed in Italy-- are available in two series: the Genesis Range, a tribute to the legacy of the brand, and the Prestige Range, which represents a more ultra-premium, futuristic design. The joint venture—Kinetic Green Tonino Lamborghini (KGTL)—plans to invest $20 million over the coming years, Ferruccio Lamborghini, Vice President of Tonino Lamborghini SpA, told ETAuto. In the JV, Kinetic Green will hold 70 per cent stake while the Italian firm will hold the rest of the stake. Through this partnership, Kinetic Green is foraying into the bespoke four-wheeler mobility segment, leveraging Tonino Lamborghini's Italian design expertise. Kinetic Green sees this collaboration as a step closer to achieving its target of building a $1 billion electric vehicle business by the end of the decade, said Dr Sulajja Firodia Motwani, Founder and CEO of Kinetic Green. Global ambitions, measured approach While the company has set ambitious goals, Motwani noted they are taking a steady and measured approach. KGTL is focused on building a strong distribution and service network across target geographies in the estimated $5 billion global golf cart market . 'It's not about just generating a buzz or filling up order books. Our focus is on building a sustainable business with a strong distribution and service backbone,' Motwani added. The initial expansion roadmap includes Asia—particularly India and the UAE—before entering Europe, the US, and other regions. By the end of the decade, KGTL aims to be present in 30 countries and capture up to 80 per cent of the global golf cart market. It has set an annual revenue target of $300 million within five years. India's role in global strategy 'When we decided to enter the golf cart business years ago, we realised that it couldn't be done from Italy alone. We needed a strong partner with a global perspective—and we found that in Kinetic Green,' Lamborghini said. KGTL plans to manufacture 4,000 units annually in the initial phase at the Pune facility, scaling up based on demand. The company will leverage the Nhava Sheva port near Mumbai for export operations. Lamborghini also emphasised India's strengths in providing affordable and sustainable solutions that many other markets cannot. Distributors have already been appointed in India, the UAE (Dubai and Abu Dhabi), Saudi Arabia, and the Maldives. Discussions are underway for distribution in Sri Lanka, New Zealand, Thailand, Indonesia, and other key Asian markets.
Economic Times
26-04-2025
- Business
- Economic Times
Reliance fires on all cylinders, powering profit past 6% in Q4
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Reliance Industries Ltd (RIL) posted a 6.4% rise in March-quarter net profit from a year ago, exceeding estimates on the back of revenue growth in the oil-to-chemicals and consumer-facing units. The oil-to-telecom conglomerate posted profit after tax of ₹22,611 crore, up from ₹21,243 crore a year ago. Profit after tax for the full fiscal year rose 3% to ₹81,309 crore from ₹79,020 which became the first Indian company to hit the milestone of ₹10 lakh crore net worth, said net profit attributable to owners of the company rose 2% to ₹19,407 crore in the March quarter from ₹18,951 crore a year earlier.A Bloomberg survey of analysts had pegged profit in the fourth quarter at about ₹18,471.40 rose 8.8% to ₹2.88 lakh crore from ₹2.67 lakh crore in the year-ago period. FY25 revenue rose 7% to ₹10.71 lakh crore. Ebitda rose 2.9% year-on-year to ₹1.83 lakh crore. "FY2025 has been a challenging year for the global business environment, with weak macroeconomic conditions and a shifting geopolitical landscape," RIL chairman and managing director Mukesh Ambani said in a statement. RIL's focus on operational discipline, customer-centric innovation and fulfilling India's growth requirements helped Reliance deliver a steady financial performance during the year, he board recommended a dividend of ₹5.5 per share. The RIL stock had ended at ₹1,300, down 0.12% on the BSE Friday. The benchmark Sensex closed 0.74% lower. Results were announced after market hours. In a separate announcement, RIL said its board approved a fundraising plan of ₹25,000 crore through the issuance of listed, secured/unsecured, redeemable non-convertible debentures (NCDs) in one or more tranches on a private placement basis. The firm will also buy a 100% stake in Kandla GHA Transmission Ltd (KGTL) from PFC Consulting Ltd for an aggregate consideration of ₹20 crore. After the deal, KGTL will become a wholly owned said in a filing, "This is in accordance with the terms of the tender awarded to the company, for the establishment of turnkey construction of 765/400kV GIS substation at Kandla including transformers and reactors, 765kV transmission lines between Halvad and Kandla, 765kV bay extension at Halvad & Statcom."Jio Platforms Ltd (JPL), which houses Reliance Industries' telecom and digital businesses, posted a 25.7% year-on-year rise in fiscal fourth-quarter net profit, boosted by the tariff hikes of July 2024, backed by strong subscriber additions that boosted data higher headline tariffs helped Jio boost March quarter average revenue per user (ARPU) 1.4% sequentially to ₹206.2 from ₹203.3 previously. Analysts said the limited ARPU growth showed the company was yet to derive the full benefit of tariff increases made last July because most users were consuming data for free, owing to bundled consolidated net profit climbed to ₹7,022 crore in the March quarter from ₹5,587 crore a year earlier, and ₹6,861 crore in the preceding three-month period. The company reported a 17.8% on-year growth in revenue from operations to ₹39,853 crore for the just-ended quarter, reflecting continued data usage and ramp-up of 5G-based fixed wireless access (FWA) revenue during the quarter rose 15.4% to ₹1.65 lakh crore due to higher volumes and increased domestic product placement. For FY25, it increased by 11% to ₹6.27 lakh crore primarily on account of higher volumes and increased domestic product placement. Segment Ebitda for FY25 was lower at ₹54,988 crore due to a significant weakness in transportation fuel cracks and subdued downstream chemical deltas."The oil-to-chemicals (O2C) business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins," said Ambani, adding that RIL's business teams ensured optimisation of integrated operations and feedstock costs to enhance margin capture across value the fourth quarter, oil and gas segment revenue was down 0.4% on account of lower gas production and oil offtake from KGD6. FY25 revenue was up 3.2% from FY24 mainly on account of higher volumes of KGD6 and coalbed methane (CBM). This was partly offset by lower gas and condensate price realisations, the company said. "The oil and gas business recorded its highest ever annual Ebitda led by higher production from our KGD6 and CBM blocks," Ambani Retail recorded gross revenue of ₹3.31 lakh crore for FY25, a growth of 7.9% over last year. In FY25, the business focused on a strategic recalibration of the store network, aimed at improving operational efficiencies and long-term sustainability. March-quarter net profit rose 30% from a year earlier to ₹3,519 crore, while gross revenue increased 16% to ₹88,620 crore."The quick hyperlocal deliveries initiative has also gained significant traction in the market, connecting strongly with the users," Ambani said. "Our suite of omni-channel offerings and wide-spread presence will enable Reliance Retail to continue delivering superior value to all its customers."On the new energy front, RIL chief financial officer Srikanth Venkatachari said on a conference call, "We have commissioned the first gigawatt-scale solar module. It's BIS certified already and the largest, from a size point of view, at 720 megawatt peak. It's possibly the largest panel that we have."RIL is building four gigafactories in the new energy space with the first of these manufacturing solar photovoltaic (PV) modules.
