New Delhi, June 2 -- After pumping in money for several years, Indian automotive manufacturing companies are finally beginning to see their electric vehicle (EV) businesses moving towards profitability.

The EV business of top car makers Tata Motors and Mahindra and Mahindra (M&M) are already operationally profitable-a crucial milestone towards full profitability-even as Hyundai Motor India said its flagship EV is per-unit profitable. These three companies account for nearly two-thirds of the electric car market.

On the other hand, two-wheeler majors Bajaj Auto Ltd, Hero MotoCorp, Ather Energy and Ola Electric Ltd are hopeful of turning operationally profitable soon. Achieving net profit, however, is some distance away for both segments....