Recording a consolidated revenue for the first quarter of FY2024-25 at INR 41.06 million as compared to INR 38.77 million in the corresponding period last fiscal, marking an increase of 5.9 percent, Bharat Forge experienced substantial contribution from defense sector and the oil and gas sector. 

In its BSE filing, the group has mentioned that its Ebitda grew by 22.8 per cent Y-o-Y to Rs 760 crore in Q1FY25. Recording a 10 percent (year-on-year) rise in revenue from operations on a standalone basis, the group recorded a profit-after-tax (PAT) of INR 26,94 million in Q1 FY2024-25 as compared to 31,14 million in the corresponding period last fiscal, an increase of 13.5 percent. 

Securing new orders worth Rs 9.8 million across the defense, ferrous and aluminum castings and core forging business segments, Bharat Forge’s defense business posted revenue of INR 6,42 million in Q1 FY2024-25, a year-on-year increase of 147 per cent. 

The group won orders worth INR 7,75 million. Its executable order book as of June 30 was for INR  54 billion. It consisted of orders such as artillery guns, vehicles and consumables. 

One of the leading forging companies in India and a global provider of high-performance, innovative, safety and critical components to sectors like automotive, railways, defense, construction and mining, aerospace, marine and oil and gas, Bharat Forge reported that its wholly owned subsidiary Kalyani Powertrain limited (KPTL) holds 64.29 percent equity shares of Tork Motors Pvt Ltd (TMPL) which is engaged in manufacturing electric bikes. It is part of a separate cash generating unit (CGU) as defined by Ind AS 36.

In light of recent developments in two-wheeler EV market and its adverse impact on TMPL operations, a provision for impairment of INR 1,517 million has been considered in consolidated financial statements of the company. Consequently, the Company has recorded provision for impairment of INR 1,456 million for investment in KPTL in the standalone financial statements for the period ended June 30, 2024. 

The group announced in its filing a fair value adjustment (loss) for investment In Tevva Motors Limited of INR 2,794 million (Standalone financial results) and INR 2,936 million (Consolidated financial results) through other comprehensive income for quarter and year ended 31 March 2024.

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EQONIC Group, a UK-based battery technology company, has announced two senior leadership appointments to support the commercialisation of its lithium-free, sodium-free and rare-earth-free battery technology.

John Saunders joins as Executive Director, bringing 30 years of experience in banking, regulation and law. He has held senior roles at Coutts, Barclays, UBS and Deutsche Bank. On the other hand, Angela Knight CBE joins as Non-Executive Director, having previously served as Chief Executive of the British Bankers' Association and Energy UK, with board experience at Taylor Wimpey and Arbuthnot Banking Group.

EQONIC is developing proprietary technology that eliminates the use of lithium, sodium, and rare-earth metals. The company claims that its technology achieves materials cost savings of approximately 70 percent compared to traditional lithium batteries.

The technology utilises abundant materials that are non-flammable, which reduces the risk of thermal runaway. This approach is intended to address supply chain vulnerabilities and ensure the batteries are fully recyclable.

The company plans to license its technology to Original Equipment Manufacturers (OEMs) to enable global deployment while reducing capital risk. EQONIC’s roadmap aims for its technology to surpass sodium battery performance by 2026 and reach Nickel Manganese Cobalt (NMC) levels by 2029.

Currently, EQONIC operates a commercial division serving D2B and B2B clients with lithium iron phosphate (LFP) energy storage systems. The company has secured a multi-million-pound pipeline across multiple sectors.

John Saunders, Executive Director, EQONIC Group, said, "EQONIC's breakthrough technology represents a genuine paradigm shift in the battery sector. The combination of cost reduction, enhanced safety, and sustainable materials addresses the fundamental barriers that have constrained the industry. I'm excited to bring my experience to support the company's growth trajectory as we move toward demonstrating market-ready products and securing strategic partnerships."

Angela Knight CBE, Non-Executive Director, EQONIC Group, said, "EQONIC exemplifies the kind of innovative British technology that can lead global markets. The company's approach - developing transformative technology first, then building robust commercial frameworks around it, is hugely compelling. Strong governance will be critical as EQONIC scales its business model and establishes partnerships with established OEM’s. I look forward to contributing to the board's strategic oversight during this pivotal phase."

Jas Kandola, Founder and CEO, EQONIC Group, stated, "John and Angela bring exactly the calibre of leadership we need at this critical juncture. John's regulatory expertise and commercial acumen will be invaluable as we navigate partnerships and licensing arrangements, while Angela's governance experience across complex, regulated industries will strengthen our board oversight. These appointments reflect our commitment to building a world-class organisation capable of delivering on the enormous potential of our technology."

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Einride AB, a technology company specialising in electric and autonomous freight, has appointed Gary Hicok to its Board of Directors. He joins the company following a 25-year career at Nvidia, where he held several leadership roles in autonomous technology and automotive hardware.

The appointment comes as Einride prepares for a public listing on the New York Stock Exchange through a business combination with Legato Merger Corp. III.

During his tenure at Nvidia, Hicok served as Senior Vice-President of the Mobile Business Unit and led Automotive Hardware and Systems. He oversaw the development of the Nvidia DRIVE platform and the Tegra processor, which are used in safety-critical automotive AI and in-vehicle computing.

His experience spans engineering and executive leadership within AI-driven markets and global organisations. At Einride, he will focus on scaling autonomous platforms and managing industry partnerships.

Einride operates in seven countries with more than 25 enterprise customers. The company reports approximately USD 65 million in expected annual recurring revenue (ARR) from signed contracts, with a potential long-term ARR exceeding USD 800 million through joint business plans.

The company has secured regulatory permits for autonomous vehicle operations in the United States and Europe. Its platform uses proprietary AI technology to manage electric and autonomous fleets, targeting the global road freight market.

Gary Hicok said, “Einride is solving an industry-scale problem the right way. Its platform approach unlocks partnerships, accelerates innovation, and makes electrified and autonomous freight real. I’ve watched many smart companies struggle with doing everything in house. It doesn’t scale or leverage the expertise of the industry, whereas Einride’s approach does. I believe its approach is built to win.”

Robert Falck, Founder and Executive Chairman, Einride, said, “Gary brings deep, hands-on experience scaling autonomous technology through critical partnerships across the automotive and technological ecosystem. Working alongside the Einride team, his perspective on building and scaling safety-critical platforms with industry partners will strengthen our ability to deploy autonomy globally. We’re pleased to welcome him to the Board.”

Roozbeh Charli, Chief Executive, Einride, added, “Gary's expertise and experience in building high-performing teams tackling the most advanced technology development will be instrumental for us as we continue to scale and cement our leadership position within autonomous freight technology. I’m incredibly proud of what we’ve built so far, and I’m excited for what we’ll achieve together with Gary’s unique experience.”

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American powertrain major BorgWarner has been awarded a contract by a European original equipment manufacturer (OEM) to supply an 800V Integrated Drive Module (iDM). The system will support a Range Extended Electric Vehicle (REEV), with mass production scheduled to commence in 2029.

The iDM is a system incorporating a single-electric-machine design that provides both generator and drive functionality. The module operates alongside an inverter, two clutches and a dual-mass flywheel. It is paired with the customer's internal combustion engine.

The system includes energy-efficient generator functionality and an all-wheel-drive mode. By combining two REEV functions into one product, the module aims to optimise vehicle architecture.

The integrated inverter utilises Viper power switches and dual-side cooled power module technology. This platform is designed for high-performance electric drive applications to manage high-voltage and high-current requirements.

Dr. Stefan Demmerle, Vice-President, BorgWarner Inc. and President and General Manager, PowerDrive Systems, said, “Securing this program award underlines BorgWarner’s strength in electric drive technology and system integration. With the China team taking the lead and collaborating with a global team, we have created a highly integrated solution that balances performance, efficiency, and packaging. We are proud to support our customer with innovative technology for its next-generation range extended vehicles.”

BorgWarner maintains in-house capabilities across electric motors, drivelines, power electronics and software. The company intends to use its manufacturing footprint to support the development of the global energy vehicle market.

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Vadodara-based Electronics System Design and Manufacturing (ESDM) company Aimtron Electronics has secured its first order from a European Original Equipment Manufacturer (OEM). The contract, valued at approximately INR 38 million, involves providing box-build solutions for a client headquartered in Europe with manufacturing operations in Spain.

The order marks the company's entry into the European market, serving automotive and industrial sectors. Aimtron anticipates that revenues from this engagement could scale to four times the current size during the 2027 financial year.

The development follows the announcement of the India–Europe Free Trade Agreement (FTA), which aims to improve the competitiveness of Indian manufacturers. Aimtron intends to leverage its manufacturing operations in India and the United States to diversify supply chains for European customers.

This European foray follows the company’s recent acquisition of a US-based electronics system design and manufacturing (ESDM) firm to strengthen its engineering capabilities for global OEMs.

Sneh Shah, Whole-time Director, Aimtron Electronics, said, “Meeting European automotive requirements demands a high level of process discipline, quality governance, and execution consistency. Aimtron has invested steadily in building these capabilities across box-build, traceability, and program management. This engagement reflects that readiness and provides a clear pathway to scale programs across European end-markets.”

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