Ather Energy's operating revenue hits Rs 1,783 crore
Ather Energy posted a more than fourfold rise in operating revenue to Rs 1,783 crore in the financial year ended 31 March, even as net loss widened more than twofold to Rs 864 crore because of a sharp increase in expenses.
The electric scooter maker, backed by Hero MotoCorp Ltd, had recorded an operating revenue of Rs 408 crore on loss of Rs 344 crore in FY22.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Professional Certificate in Digital MarketingVisitIIM LucknowIIML Executive Programme in Data ScienceVisitAther’s weak performance last fiscal was driven by a more than threefold increase in total expenses to about Rs 2,671 crore, according to data sourced from business intelligence platform Tofler.
The company’s primary source of income is from electric scooter sales, which totalled Rs 1,643 crore in FY23. The rest of the revenue mainly came from services, including subscription services.
According to Reuters, Ather’s rival Ola Electric incurred an operating loss of $136 million on a revenue of $335 million in the financial year 2023. Ola Electric is yet to officially publish its financials.
Also read | Ather raises Rs 900 crore from Hero MotoCorp, Singapore’s GIC
In August, Ather sold 6,835 units, compared to the 17,389 units sold by Ola Electric, which is now the biggest electric scooter seller in India, according to Vahan, the government's portal for automobile registration. The same month, Ather introduced three new electric scooter models: the Ather 450S, the Ather 450X Gen 3.1, and the Ather 450X Plus.
Ather said it sold 92,005
