Atul Auto - EV Products Unveiled; Await Launch, Execution: ICICI Direct
Atul Auto’s subsidiary Atul Greentech unveiled electric-three wheelers Atul Mobili and Atul Energie in Auto Expo 2023.
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ICICI Direct Report
Atul Auto Ltd.’s subsidiary Atul Greentech unveiled electric-three wheelers Atul Mobili and Atul Energie in Auto Expo 2023. Atul Mobili is a passenger three-wheeler while Atul Energie is a Cargo three-wheeler with driving range of 110 km, 195 km, respectively.
In the recent past, in Q2 FY23, Atul turned in the black with positive Ebitda margin and profit afte tax reading amid a gradual recovery in three-wheeler sales volume.
The company, in the recent past, also executed preferential issuance of warrants (i.e. 58,08,080 warrants convertible into one equity share at Rs 198 per share) to promoters and non promoters of company, with total equity raise pegged at Rs 115 crore.
Atul has received 25% against such a sum of ~Rs 29 crore as of November 2022. The money is raised to retire debt with net debt on standalone basis at the company at ~Rs 75 crore as of FY22.
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