EV startup Ather Energy records a 411.9 pc revenue growth for FY2022
- ByStartupStory | July 14, 2022
Ather Energy, an electric vehicle startup declared a revenue of Rs 408.5 crore for FY21-22. This is an increase of 411.9% from the revenue of Rs 79.8 crore recorded in the prior year. However, in line with the income, the manufacturer of electric two-wheelers saw an increase in pricing for the year. Ather Energy’s loss increased from Rs 233.3 crore in FY21 to Rs 344.1 crore in FY22 as a result of the high cost of EV components and raw materials as well as employee profit expenses, among other factors.
Value materials bills for the company increased to Rs 377.3 crore, up 269.2% from Rs 102.20 in FY21. The company’s employee benefits costs, which are the second-highest expense after the cost of goods, increased by 74.7% to Rs 114.8 crore from Rs 65.7 crore.
According to the ROC filings, the company sold 23,408 units of its two-wheeled electrical scooters in FY22, up from 5,523 units in the previous year. These units included the Ather 450X model (up 81%) and the Ather 450 Plus model (up 19%).
In addition, there is income from the sale of businesses, which increased by 81.3% from Rs1.6 crore to Rs 2.9 crore. Ather Energy increased its presence last year from 9 stores in 9 locations to 34 retail expertise centres in 28 cities. South India accounts for over 51% of its retail market, followed by the west (21%) and north (20%) and east India (9 p.c). With an especially promising response from smaller cities, these cities feature a well-balanced blend of Tier I, II, and III cities.
About Ather Energy:
Electric scooter manufacturer Ather Energy has constructed one of the quickest electric car charging networks, called Ather Grid, and it was built and engineered in India. Ather Energy also produces electric motorcycles. This Bengaluru-headquartered company was founded in 2013 by Tarun Mehta and Swapnil Jain. It manufactures two electric scooters Ather 450X and Ather 450 Plus.
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