Ather Energy, the electric scooter manufacturer, reported a modest 1.5% decline in revenue for the fiscal year ending March 2024 (FY24), following an impressive four-fold growth in the previous fiscal year (FY23). The company’s revenue from operations fell to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, according to disclosures made by its associate company, Hero MotoCorp, in NSE filings.
The primary source of Ather’s revenue was the sale of electric scooters, supplemented by after-sale and subscription services. However, the company has not disclosed its cost structure and losses for FY24. In FY23, Ather’s revenue surged by 4.36 times, while its losses increased 2.5 times to Rs 864.5 crore.
Hero MotoCorp, which holds approximately a 38% stake in Ather following a recent investment of Rs 124 crore ($15 million), has been a significant backer of the Tarun Mehta-led firm. Ather Energy has raised over $550 million to date, with its valuation reaching $750 million during the Series E round.
Despite the revenue decline, Ather maintained its position as the fourth largest two-wheeler EV manufacturer in India, holding a 9.45% market share in May, according to Vahan data. Ola Electric led the market, followed by TVS and Bajaj. Ather sold 6,024 units in May, an increase from 4,000 units in April. In March, the company’s total sales were 17,000 units.
In addition to scooter sales, Ather is focusing on expanding its rapid charging network across the country. As of December last year, the company had established 1,600 charging stations, with plans to increase this number to 2,500 by March 2024.
Ather’s continued commitment to enhancing its charging infrastructure and maintaining a strong market presence underscores its dedication to driving the growth of electric mobility in India.
