Hero MotoCorp backed Ather Energy faces Rs 864.50 crore net loss
Operating revenues surge by 336.62% in FY23.
Ather Energy, backed by Hero MotoCorp, has reported it's net loss rising by about 2.5 times to Rs 864.50 crore for the fiscal year ending in March 2023 as compared to last year's loss of Rs 344.10 crore. However, the company's operating revenues during the same period experienced a remarkable surge, rising by 336.62% to reach Rs 1783.60 crore, as disclosed by Tofler, a data analytics firm.
The company's regulatory filings indicate that Ather Energy achieved a commendable sales performance, selling 92,005 units of electric scooters in the reported year, a substantial increase from the 23,441 units sold in the previous year. Notably, the majority of these sales, accounting for 82.7% of the total units, were premium scooters equipped with top-end features. This achievement highlights the strong appeal of the company's electric scooter among discerning buyers.
Despite facing supply constraints in the first half of the financial year, which hampered network expansion, and intense competitive pressures in the second half, Ather Energy demonstrated significant volume growth during FY22–23. This growth can be attributed to the unwavering demand for their high-quality electric scooters, the company management added in their filings.
To enhance its manufacturing capabilities, Ather Energy established a second greenfield plant within the same logistics park as its existing facility. This expansion allows for the dedicated production of Li-Ion battery packs in one plant, while the second plant focuses on vehicle assembly and testing. Consequently, the company's installed production capacity has surged from 1.2 lakh vehicles per year to an impressive 4.2 lakh vehicles per year.
In terms of charging infrastructure, Ather Energy made notable progress by setting up 912 fast-charging stations in FY23, bringing the total number of charging installations to 1225 across 91 cities. This milestone solidifies Ather Energy's position as the largest provider of electric two-wheeler fast-charging stations in the country, the company added.
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