Results · Mobility & Logistics

Ather Energy reports 411% revenue jump in FY22

By Startup Enthusiast · 29 June 2022

What they do

Ather Energy makes electric scooters and sells them across India

Its FY22 operating revenue rose 411.9% to Rs 408.5 crore, while losses widened to Rs 344.1 crore

The company sold 23,408 scooters in FY22 and plans to expand capacity to 35,000 units per month

Ather Energy filed its annual financial report for FY22 with the Registrar of Companies.
The company's operating revenue grew 411.9% to Rs 408.5 crore from Rs 79.80 crore in FY21.
Total income rose to Rs 413.9 crore from Rs 88.30 crore in FY21.
Total annual cost increased 135.7% to Rs 758 crore from Rs 321.6 crore in FY21.
The company's loss widened to Rs 344.1 crore from Rs 233.3 crore in FY21.
Cost of parts and materials was the largest expense at Rs 391.6 crore, 51.7% of total cost.
Employee benefit expenses rose 74.7% to Rs 114.8 crore, including Rs 27.6 crore in ESOP costs settled in cash.
Finance costs increased 44.2% to Rs 39.8 crore, with interest on non-current loans at Rs 33.1 crore.

Ather Energy's revenue growth outpaced its cost increase, improving unit-level cost per rupee of operating revenue from Rs 4.03 to Rs 1.86.
The company sold 23,408 electric scooters in FY22, up 323% from 5,523 in FY21.
Its retail network expanded from 9 experience centers in 9 cities to 34 centers in 28 cities.
Rival Ola Electric had pre-revenue of Rs 86 lakh in FY21 and a loss of nearly Rs 200 crore.
Ather Energy raised a $128 million Series E from NIIF and Hero MotoCorp.

Ather Energy manufactures electric scooters and sells them in India.
98% of its revenue comes from the sale of electric two-wheelers.
It also earns service income, which was Rs 2.9 crore in FY22, up 81.3%.
The company had 34 experience centers in 28 cities at the end of FY22.
Geographic spread of its network: 51% South, 21% West, 20% North, 9% East.
It sold 3,787 scooters in May 2022 and 3,779 in April 2022.
Monthly revenue exceeded Rs 100 crore, and the company hopes to double it in FY23.

Ather Energy plans to increase production capacity from 10,000 units per month to 35,000 units per month by 2022.
The company aims to reach a capacity of 1 million units per year by next year.
It hopes to double its monthly revenue in FY23.