Supertech EV Ltd Management Discussions

India has decided to aggressively move towards electric mobility. The key objectives are- reduced dependence on imported fuel, increased share of renewable energy by leveraging the storage capacity of EV batteries, reduced Greenhouse Gases (GHG) emission, improved air quality, improved Plant Load Factor (PLF) of electricity generating plants, becoming a leader in a rapidly growing global market

India seeks to attain a 30% share of electric vehicles, in the total vehicles sold, by 2030. Sale of EVs in India went up from 50,000 in 2016 to 2.08 million in 2024 as against global EV sales having risen from 918,000 in 2016 to 18.78 million in 2024. Thus, Indias transition has been slow to start, but it is picking up. Indias EV penetration was only about one-fifth of the global penetration in 2020, but has picked up to over two-fifth of the global penetration in 2024. It continues to show an increasing trend, though relatively slow.

Global EV sales rose from 918,000 in 2016 to 18.78 million in 2024, contributing to an exponential increase in the total EV stock, reaching approximately 61.21 million vehicles in 2024 as may be seen in Figure 1 below.

Chart 1: Figure 1: EV Sales and EV Stock over the years (Global and India)

The same figure also shows that the sale of EVs in India went up from 50,000 in 2016 to 2.08 million in 2024 taking the total EV stock in the country to 5.45 million in 2024. Further, the total stock on EVs in India stood at around 9% of the global stock. EV sales in India were around 11% of the global sales in 2024.

Figure 2 below shows that the EV penetration rate1 in 2024 stood at 16.48% globally but was only 7.66% in India. This is against Indias target of reaching a 30% penetration rate in 2030

If compared to the EV penetration in India with that in the US, EU and China for different types of vehicles (Figure 7), it can be seen that India has done fairly well in the 2-wheeler and bus segments, but has been slow in e-cars and electric trucks. It is a leader in the electric 3-wheelers segment. China is the leader in all categories, except 3-wheelers.

As far as electric trucks are concerned, this has been very slow. Out of 8, 34,578 trucks sold in India in 2024, only 6,220 were electric. 95% of these (5940) were of less than 3.5 tonne capacity. These are generally used for carrying short haul freight, largely in urban areas. In fact, several countries do not count trucks of less than 3.5 tonne capacity in the category of trucks, given their usage pattern. Only 280 of these electric trucks sold in India in 2024 were of more than 3.5 tonne capacity, which are used for longer hauls.

The longer haul trucks are an important component of the road transport system as they emit over 34% of the CO2 from the transport sector, despite constituting only 3% of the total vehicle fleet. A significant dent in the reduction of GHG from road transport will not be possible without transitioning long haul trucks to electric. Figure 8 below gives the sale of such long haul trucks (above 3.5 tonne capacity) globally. As seen from this, China has been the dominant market for such long haul electric trucks as well, whereas India has had a minimal contribution, as seen in Figure 8 below.

Source: l) IEA Global EV Data Explorer for international data, 2) VAHAN Portal for India data

Thus, key points that emerge from the above analysis are the following: 1. Adoption of EV has been increasing in India but has been slower than the pace in some of the leading countries like the US, EU and China. 2. India is doing well with electric two- wheelers and electric three-wheelers. With regard to electric buses, it has made some progress but with electric cars it has been slow. Long haul electric trucks have virtually not taken off. 3. The country has progressed to only about 7.6% of the sales in 2024 being electric, which is far behind its target of 30% by 2030. Thus, it has taken nearly 10 years to reach a penetration level of 7.6% and now needs to increase this share by over 22% in the next 5 years alone. Clearly, there is a need for a major step up in the pace of transition from ICE vehicles to electric. This will require a significant thrust.

Source: https://www.niti.sov.in/sites/default/files/2025-08/Electric-Vehicles-WEB-LQW-Report.pdf

Our Company was originally incorporated as a Private Limited Company under the name of "Supertech EV Private Limited" on August 12, 2022 under the provisions of the Companies Act, 2013 with the Registrar of Companies, NCT of Delhi & Haryana. Subsequently, the name of our company was changed from "Supertech EV Private Limited" to "Supertech EV Limited" and a Certificate of Incorporation pursuant to conversion into Public Limited dated December 21, 2022 issued by the Registrar of Companies, NCT of Delhi & Haryana.

Our company has acquired the running business operations of "Supertech Inc", proprietorship firm, owned by Mr. Jitender Kumar Sharma, engaged in the business of manufacturing E-Rickshaw, vide agreement dated April 01, 2023.

Supertech EV Limited, core focus lies in capitalizing on the burgeoning opportunities presented by the electrification of mobility, aligning our efforts with Indias vision for a cleaner, greener future. With a diverse portfolio of electric vehicles, including E- rickshaws and E-scooters, we cater to the evolving needs of the Indian automobile market. Our company the company has rapidly evolved to become a significant player in the market, specializing in the design, development, manufacturing, and distribution of high-quality electric two-wheelers and E-rickshaw.

Committed to addressing the urgent need for electric mobility solutions in India, Supertech EV Limited focuses on delivering user friendly, technologically advanced and affordable electric scooters. The companys mission extends beyond product excellence, aiming to contribute to a cleaner and more sustainable future for the nation and also develop further electric based mobility solutions.

Central to our operations is our robust business-to-business (B2B) distribution network, comprising 445 distributors strategically situated across India. This expansive network ensures widespread accessibility of our electric vehicles, facilitating their adoption on a national scale. Our distribution network continues to grow, enabling us to reach new markets and serve a diverse clientele.

At Supertech EV Limited, we are not just shaping the future of mobility; we are driving it forward with purpose and determination. With a relentless commitment to excellence and sustainability, we remain dedicated to pioneering innovative solutions that propel India towards a cleaner, more sustainable future.

The Company witness strong growth with revenue Rs. 750966.68 thousand in FY 24-25 as compared to Rs. 650287.48 thousand in financial year 2023-24. This has been achieved through higher volumes and realisations driven by consumer demand throughout the year.

The management of your company have been vigorously working on to acquire more order to increase the companys profits. The management of the Company continuously looking for a new avenue for future growth of the Company and expect growth in the future period.

The following is a discussion of certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

a) Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

b) Loss of one or more of our key customers and/or suppliers;

c) An increase in the productivity and overall efficiency of our competitors;

d) Our ability to maintain and enhance our brand image;

e) Our reliance on third party suppliers for our raw materials;

f) General economic and business conditions in the markets in which we operate and in the local, regional and national economies;

g) Changes in technology and our ability to manage any disruption or failure of our technology systems;

h) Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

i) The performance of the financial markets in India and globally; 10. Occurrences of natural disasters or calamities affecting the areas in which we have operations;

j) Market fluctuations and industry dynamics beyond our control;

k) Our ability to compete effectively, particularly in new markets and businesses;

The Company operates in a highly dynamic and competitive environment, particularly in the electric vehicle (EV) sector, which is subject to various risks that may affect its operational and financial performance. The Company faces risks related to potential defects, quality issues, supply disruptions, or rising costs of components used in its electric vehicles. Such issues may increase material costs, impact vehicle pricing, delay manufacturing and delivery timelines, and affect profitability.

Additionally, the Company relies on a limited number of key suppliers for critical raw materials. The loss or underperformance of any major supplier could disrupt operations and adversely affect business performance.

The Company continues to monitor these risks closely and is exploring strategies to diversify its supplier base and strengthen supply chain resilience to mitigate potential impacts.

There is a growing thrust on the adoption of electric vehicles (EVs) across the globe amid increasing carbon emissions which have serious repercussions including global warming. The Indian government is aligned with taking steps to decarbonize the economy with a push towards electrification of mobility. As India is significantly dependent on crude oil imports and various cities in India are facing pollution menace, the Indian government has also acknowledged the need to promote EVs. The Governments initiatives along with growing concerns for environment & energy security, rapid advancements in technologies for powertrain electrification, and innovative newer business models are driving the sales of EVs.

Electric two-wheelers and three-wheelers are good for micro-mobility services. Additionally, the growing interest in sustainable transportation alternatives among consumers, combined with the increasing availability of affordable E2Ws and E3Ws, is expected to drive further growth in the coming years. Advances in battery technology and the increasing availability and use of battery swapping stations have also contributed to the demand. Strategic agreements between manufacturers, service providers, and charging companies are building alliances which will accelerate the penetration of electric two-wheelers.

In the Union Budget 2023-24, the government has allocated INR 35,000 crore to achieve the energy transition, energy security and net zero objectives, which will help the EV industry to work alongside in addressing the issues related to Climate Crisis. The government of India has also planned to achieve 100% e-mobility by 2030 in smart cities and this opens up a huge market for EVs. Smart City Mission, is an urban renewal and retrofitting program by the Government of India with the mission to develop 100 cities across the country making them citizen friendly and sustainable. EVs are the solution for both better quality of life and reduction in environmental footprint and hence EVs will be integrated as part of smart city transportation. Smart mobility solutions are a must as it not only helps in a better quality of life but also helps in reducing its environmental footprint. The industry has received good government backing over the last few years to increase EV penetration in India.

Electric two-wheeler companies have plans to increase volumes, generate additional funds, widen their distribution network, introduce a number of new goods and enter foreign markets for the first time. Expanding distribution and markets, as well as offering additional items at different price points will be crucial for e-motorcycles as well as e-scooters companies for expanding volumes.

A Stakeholders relationship committee is formed for reviews of statutory compliances and services relating to security holders, dividend payments and performance of Registrar and Transfer Agents.

No complaints were raised or received from any shareholders during the year.

The Company had sufficient numbers of employees at its administrative office. The Company recognizes the importance of human value and ensures that proper encouragement both moral and financial is extended to employees to motivate them. The Company enjoyed excellent relationship with workers and staff during the last year.

Our human resource department plays a key function in our Company. It is operated by professionally qualified and experienced personnel and receives attention from senior management. The human resources department follows a mix of both centralized and decentralized systems whereby the human resource personnel are deployed not only at our registered office but also at our factories. Our human resource policies focus on training and retaining our employees. The following table sets forth information on the number of our staff in various departments of our business as of March 31, 2025.

Employees on Payroll excluding Contractual and KMP/ Directors	As on March 31, 2025
Skilled/ Semi-Skilled	47
Unskilled	95
Total	142

The Summary of Key Financial metrics and Key Ratio has been disclosed, as applicable, have been made in the Financial Statements, which are to be read together with the Notes annexed thereto and forming an integral part of the Financial Statements.

This communication contains forward-looking statements within the meaning of applicable securities laws. These statements reflect managements current expectations regarding future events and operating performance and include, but are not limited to, statements regarding the companys plans to expand its EV product lineup, anticipated production timelines, future sales growth, battery technology advancements, charging infrastructure development, and market expansion strategies.

Such statements are based on current assumptions and projections and are subject to a number of risks and uncertainties, many of which are beyond our control. These risks include, but are not limited to, supply chain constraints, regulatory developments, and competition in the EV market, consumer adoption rates, and technological changes.

Actual results may differ materially from those expressed or implied in these forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Date: 01/09/2025		For & on behalf of
Place: Bahadurgarh, Haryana		Supertech Ev Limited
	Sd/-	Sd/-
	Geetanjali Sharma	Yetender Sharma
	Wholetime Director	Managing Director
	DIN: 09777406	DIN: 09702846