Bengaluru-based EV startup Ather Energy has reported a loss of Rs 846.5 crore in FY23, according to the financial statements filed with the Registrar of Companies (RoC). Hero MotoCorp’s backed Ather Energy’s losses surged over 2.5 times as compared to Rs 344.1 crore in FY22.
Despite good sales across the country, Ather Energy’s total expenses rose to Rs 2,670.6 crore in FY23 as opposed to Rs 757.9 crore in FY22, as per the report. The EV manufacturer witnessed losses even when the revenue from operations grew 4.3 times to Rs 1,784 crore during FY23.
According to reports, Ather Energy spent Rs 1.5 to earn Rs 1 from operations in the fiscal year ended March 2023, however, EBITDA margin improved to -38.3 per cent.
Earlier this month, the company raised Rs 900 crore from GIC and Hero MotoCorp through the rights issue. The EV manufacturer said that it is planning to use funds to launch new products as well as in the expansion of retail network and charging infrastructure.
“Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by two-wheelers. This round will allow us to expand our product portfolio while expanding our footprint,” said Tarun Mehta, CEO and Co-founder, Ather Energy.
Despite good sales across the country, Ather Energy’s total expenses rose to Rs 2,670.6 crore in FY23 as opposed to Rs 757.9 crore in FY22, as per the report. The EV manufacturer witnessed losses even when the revenue from operations grew 4.3 times to Rs 1,784 crore during FY23.
According to reports, Ather Energy spent Rs 1.5 to earn Rs 1 from operations in the fiscal year ended March 2023, however, EBITDA margin improved to -38.3 per cent.
Earlier this month, the company raised Rs 900 crore from GIC and Hero MotoCorp through the rights issue. The EV manufacturer said that it is planning to use funds to launch new products as well as in the expansion of retail network and charging infrastructure.
“Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by two-wheelers. This round will allow us to expand our product portfolio while expanding our footprint,” said Tarun Mehta, CEO and Co-founder, Ather Energy.
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Ather Energy has 200+ retail touchpoints in over 100 cities across the country. Furthermore, the company has a public fast-charging network for electric two-wheelers with over 1,500 Ather grids.
In other news developments, Ather Energy launched its most affordable electric scooter, the Ather 450S at a price of Rs 1.29 lakh (ex-showroom, Delhi). Additionally, it also introduced the updated 450X e-scooter with two battery options – a 2.9 kWh and a 3.7 kWh battery, priced at Rs 1.37 lakh and Rs 1.44 lakh (both prices, ex-showroom), respectively.
With inputs from IANS
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