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Friday, June 21, 2024

Losses for Ather Energy’s FY23 increased to INR 865 billion

<p>During the fiscal year 2022–2023, Ather Energy, the Hero MotoCorp–backed electric vehicle (EV) firm, had a significant spike in losses that were more than 2.5 times higher.<img decoding=”async” class=”alignnone wp-image-202866″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-losses-for-ather-energys-fy23-increased-to-inr-865-billion-autonews-65112095d459e–750×426.jpg” alt=”theindiaprint.com losses for ather energys fy23 increased to inr 865 billion autonews 65112095d459e” width=”1394″ height=”792″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-losses-for-ather-energys-fy23-increased-to-inr-865-billion-autonews-65112095d459e–750×426.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-losses-for-ather-energys-fy23-increased-to-inr-865-billion-autonews-65112095d459e–768×436.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-losses-for-ather-energys-fy23-increased-to-inr-865-billion-autonews-65112095d459e–150×85.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-losses-for-ather-energys-fy23-increased-to-inr-865-billion-autonews-65112095d459e-.jpg 792w” sizes=”(max-width: 1394px) 100vw, 1394px” title=”Losses for Ather Energy's FY23 increased to INR 865 billion 3″></p>
<p>In contrast to the loss of INR 344.1 crore recorded in FY22, the EV startup reported a loss of INR 864.5 crore in FY23 in its annual financial filings to the Registrar of Companies (RoC).</p>
<p>Despite strong revenues, Ather’s overall expenses tripled from the INR 757.9 crore reported in FY22 to INR 2,670.6 crore.</p>
<p>It’s interesting to note that this increase in losses happened despite the company’s operating income rising by a significant 4.3 times, to INR 1,784 crore, by the end of the fiscal year ending in March 2023.</p>
<p>Amazingly, Ather’s operating expenditures in FY23 cost 1.5 times as much as their operating income, with the EBITDA margin slightly improving to -38.3%, according to reports.</p>
<p>Through a rights sale earlier this month, the electric car startup was able to successfully raise INR 900 crore from its current owners, Hero MotoCorp and the major international investment bank GIC.</p>
<p>Ather Energy has said that it intends to use these funds for both the introduction of new goods and the growth of its retail network and infrastructure for charging.</p>
<p>“The past few years have vividly showcased the rapid evolution towards electric vehicles in India, particularly led by the two-wheeler segment,” said Tarun Mehta, CEO and Co-Founder of Ather Energy, in response to the development. With the help of this round of finance, we will be able to broaden our product offering and increase our market share.</p>
<p>Ather Energy now operates a vast network of more than 200 retail touchpoints in more than 100 cities, as well as a public fast-charging network for electric two-wheelers that includes more than 1,500 Ather Grids.</p>
<p>In an effort to serve a larger portion of the two-wheeler market, Ather recently expanded its product selection by adding 2.9 kWh and 3.7 kWh battery choices for its flagship model, the 450X, as well as a more entry-level offering, the 450S.</p>
<p>Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, both IIT Madras graduates, and is backed by big names like Sachin Bansal, Hero MotoCorp, GIC, NIIF, and Tiger Global.</p>
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