Ann: FY21 Profit Guidance, page-77

I find this company quite interesting.
Obviously there are some risks (cf future of JV with Super Soco ? or strategy of large motorbike brands in the EV market ?), but there are also a lot of positive elements :
- strong results for FY 21 : NPAT growth of more than 100 %, thanks to + 27 % for volume (after + 18 % in FY 20) and good operating leverage,
- a good combination of high free cash flow yield* and good top line growth.

Even if H2 was slower than H1 (volume growth of 24 % yoy during H2 vs + 31 % during H1), they had another good year of sales growth thanks to the B2B market in Europe (supported both by last mile delivery and ride sharing). Part of the slowdown is probably due to the supply chain problems, which are not affecting much their production, but is impacting their distribution.
They supply to a limited number of B2B customers : 15 delivery companies and 8 ride share operators. Of course, they can add more customers : in discussion with another 18 delivery companies and another 16 ride share operators. But they also depend on the maturity of these 2 markets (last mile delivery and ride sharing).
Maybe one thing to watch as sales volume increased by only 5 % yoy in Q4 21.

Just a note about their disclosure : they can probably improve their sales disclosure. Would be interesting to know sales breakdown between B2B and B2C, as well as their dependence to their top costumers. Sales/brand would be also really interesting.
Given their recent comments, my understanding is that they are mainly selling B2B products for the European market, which probably also means that they are mainly selling their own brand, E Max.

* 6.2 % by annualising H1 cash flow from operating and taking a normalised Capex.