A couple of additional observations from the annual report
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The business segments described in the report do not tally with the quarterly results for FY2022. I believe it is because of the battery segment which cuts across the defence segment and is packaged differently in the annual report. A minor annoyance, that can perhaps be avoided by being consistent.
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The work on EV retrofitting technology for light commercial and passengers vehicle. Powertrain retro-fitment is at a nascent stage. A quick google search tells that the current market focus is primarily on 2W and passenger cars.
Here is a decent article I could find on the current state of EV retrofitment market size and opportunities.
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