top of page

Ather Energy EV Maker 4.3X Growth in Revenue to Rs. 1783 Crore and Loss Jumps to Rs 864Cr in FY23

Ather Energy's revenue ballooned by 336% in FY23 to Rs 1783 Crore as compared to Rs 408 Crore in FY22.

Along with the revenue, Losses of the company have also jumped from Rs 344 Crore to Rs 864 Crore in FY23.

The company increased its advertisement and promotional expenses to Rs. 203.8 Crore in FY23 from Rs. 45.5 Crore in FY22.

Being a Electronic Two Wheeler Manufacturer, the cost of materials was the largest cost center for Ather. In the line of scale, this cost soared 4.3X to Rs 1,626 crore in FY23.

Ather Energy employee cost also doubled during the year from Rs 113.9 Crore to Rs 334.9 Crore .

As against the revenue growth , company was able to manage its other cost like which help to improve its losses percentage during the year from -84% in FY22 to -48% in FY23.

The company is not expecting to achieve profitability this year due to the recent changes made by the government in the subsidy regime. From June onwards, the Ministry of Heavy Industries (MHI) has slashed the FAME-II subsidy of electric two-wheelers to Rs 10,000 per Kwh from the earlier Rs 15,000 per Kwh. Apart from reducing the per Kwh incentive by Rs 5,000, the ministry also reduced the maximum subsidy cap to 15 per cent of the vehicle's ex-factory price from 40 per cent before.

These changes have pushed up the prices of EVs. The sales of Ather, as well as other EV makers, have been affected due to this subsidy cut


bottom of page