After 4X growth in FY23, Ather Energy’s revenue declines in FY24

Following over four-fold growth during the financial year ending March 2023, electric scooter manufacturer Ather Energy saw a modest 1.5% decline in scale during the previous fiscal year (FY24).

Ather’s revenue from operations decreased to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by its associate company Hero Moto Corp in NSE filings.

The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels.

The company has not revealed its cost breakup and losses for the fiscal year ending March 2024. The Tarun Mehta-led firm’s revenue jumped by 4.36X while its losses grew 2.5X to Rs 864.5 crore in FY23.

Hero Moto Corp is an associate company of Ather and now controls around 38% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this week. Ather has raised over $550 million to date and was valued at $750 million during its Series E round.

As per Vahan data, Ather was the fourth largest two wheeler EV manufacturer which controlled 9.45% market share in May. Ola Electric maintained the top position followed by TVS and Bajaj. Ather sold 6,024 units in the last month, up from 4,000 units in April. In March, its total sales stood at 17,000 units.

Besides selling electric scooters, Ather is also expanding its rapid charging network across the country. As of December last year, it had 1,600 charging stations with a plan to increase it to 2,500 by March 2024.