EV maker Ather’s FY23 operating revenue jumps 337% to Rs 1,784 crore, losses up 150%

Ather Reports FY23 Financials

Electric Vehicle maker Ather Energy reported a consolidated operating revenue of Rs 1,784 crore, up nearly 337 percent for the financial year 2023 even as its losses mounted nearly 150 percent to Rs 864 crore.

Ather Energy’s losses were on the back of a 260 percent jump in its total expenses during FY23 which came around Rs 2,611 crore, according to financial data accessed by the business intelligence platform Tofler.

Ather’s operating expenses rose 270 percent to Rs 2,498 crore in FY23.

This comes after a Reuters report said that Ather’s direct competitor Ola Electric recorded an operating loss of Rs 1,119 crore ($136 million) on a revenue of Rs 2,740 crore ($335 million) in FY23.

In FY23, Ather had sold 92,005 units of electric scooters as compared to 23,441 units in the previous year, the company said in a statement.

During the year, the company expanded its footprint with the establishment of a second greenfield plant to assemble and test vehicles in the same logistics park as the existing plant in Tamil Nadu's Krishnagiri.

“With this addition, the installed production capacity has increased to 4.2 Lakh vehicles from an earlier capacity of 1.2 Lakh vehicles per annum,” the statement said.

The firm is looking to increase its footprint in the North, East and West regions and enter Tier-2 and Tier-3 markets.

Ather "...aims to increase its network reach through retail partners in Tier-2 and Tier-3 markets in order to increase market share with a focus on adding more experience centers in new cities,” the document said.

In September, Ather Energy raised Rs 900 crore from its existing investors Hero MotoCorp and GIC, through a rights issue.

The latest fundraising is an extension of the Series E round of $128 million which was announced in May of 2022 and led by National Investment and Infrastructure Fund Ltd's (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with additional investors in May this year.

In October of 2022, Ather Energy raised Rs 400.6 crore ($50 million) led by existing investor Caladium Investment.