ATHER ENERGY SEE AN INSTANCE JUMP IN REVENUE FOR THR FY22
The Bengaluru-based EV maker saw a 5X jump in its revenue for FY22. Its revenue jumped to Rs. 408 crore in FY22 from Rs. 79 crore In FY21.
It also saw an increase in its losses of Rs. 344 crore.
According to the company’s financial sources business platform Tofler, it sold 23,408 units of electric scooters in FY22, which is 4.2 times more than the FY21.
COMPONENT SHORTAGE CRISIS
Ather even after getting a bulk order could process only 50% of its order because of the problem of supply of some critical components of the vehicle.
The EV industry is grappling with the component shortage crisis because of the rise in demand for battery cells and chipsets during a pandemic.
ATHER’S EXPANSION PLAN
The company plans to increase its production capacity by setting up another plant nearby at his Hosur facility to 4,00,000 vehicles per year from 1,20,000 vehicles per year.
“With this expansion, the facility is all set to serve as the company’s national manufacturing hub catering to demand from across the country for the foreseeable future,” it said. “Apart from EV manufacturing, the facility also focuses on lithium-ion battery manufacturing.”
Ather operating cost has doubled to Rs 718 crore, including the cost of material and employee benefit cost.
It has raised $128 million in funding led by National Investment and Infrastructure Fund (NIIF).
EV company expanded its retail stores in 28 cities with 34 stores from 9 retail stores in 9 cities at the end of FY22.
The company moved towards the dealership model to scale its sales and service networks from the company-owned store model.
The company has a maximum geographical presence in the South, amounting to 51%, followed by the West(21%), 20% in the North, and 9% in the East.
It has also increased the number of charging points to 351 across 28 states by adding 203 new fast-charging points this year.
Penetration of the industry increased to 11% in Q4 FY22.
In May, Ather was the only EV company that saw a rise in its sales after the recent fires of EVs has lowered the demand for the electric scooters