Euler Motors net loss jumps five-fold to Rs 175.44 crore in FY23
Euler Motors, which manufactures and sells electric three-wheeler commercial vehicles, saw its net loss widen almost five-fold in FY23 to Rs 175.44 crore, from Rs 36.33 crore in FY22.
During the year, the company spent nearly Rs 4 to earn a rupee in operating revenue. The Delhi-based company reported a 250% on-year jump in revenue from operations to Rs 61.53 crore, according to its financial statements filed with the Registrar of Companies.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitDuring FY23, as it scaled up, the firm added significantly to some of its expense lines, including warranty costs, rental costs, employee expenses and research costs.
The company's biggest expense head—cost of materials consumed—ballooned to Rs 67.71 crore in FY23, from Rs 9.04 crore in FY22, taking total expenses up by over four-fold to Rs 240.15 crore in FY23.
During calendar year 2022, prices of lithium-ion battery packs, a key component for most electric vehicle (EV) makers, witnessed an unprecedented increase as demand for EVs and energy storage units surged. This was the first increase in prices of lithium-ion batteries in at least 10 years, according to data from BloombergNEF. In 2023, however, the prices softened again.
On November 6, ET reported that Euler Motors has raised Rs 120 crore at a lower valuation than its previous fundraise. The company had said it was tracking an annual revenue run rate of Rs 200 crore for the ongoing financial year.
Euler Motors’ founder and chief executive officer,
