Ather Energy posts Rs 1,784 Cr revenue in FY23, losses surge 2.5X


Electric scooter manufacturer Ather Energy has secured Rs 1500 crore, roughly $185 million within the last 12-month period. The capital infusion from investors comes on the back of its significant 4.3X scale which jumped to Rs 1,784 crore during the last fiscal year (FY23).

Ather’s revenue from operations surged 4.36X to Rs 1,784 crore during the previous fiscal year ending March 2023, according to its annual financial statements filed with the Registrar of Companies.

Financials FY23


Operating Revenue

Total Expenses

Profit / Loss

Amount in ₹ Cr

The company also experienced impressive growth as its revenue spiked by over five times to reach Rs 408 crore in that fiscal year. Check TheKredible to see its performance over the years.

The sale of scooters was the primary source of revenue for Ather while a part of its operating income came from the after-sale and subscription services.

The company also has other income (non-operating) of Rs 22.5 crore from interest on fixed deposits and gain on sale of non-current investments during FY23.

Being a scooter 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. Its employee benefits cost elevated 2.9X which includes around Rs 88 crore of ESOP cost. Ather’s advertisement/promotion cost and professional fees jumped 4.5X and 2.4X which pushed its overall cost to Rs 2,671 crore in FY23.

Expense Breakdown

Total ₹ 758 Cr
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Total ₹ 2,671 Cr
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  • Warranty claim
  • Professional fees
  • Advertising promotional
  • Employee benefits
  • Cost of material consumed
  • Others

Even as the scale jumped 4.3X, the company couldn’t managed to reduce its cost, which is evident from its bottom line that spiked 2.5X to Rs 864.5 crore in FY23 from Rs 344 crore in FY22. Following the cash burn, Ather’s cash outflows from operations jumped 3.8X to Rs 870 crore during the last fiscal year (FY23).


FY22 FY23
EBITDA Margin -61.84% -38.29%
Expense/₹ of Op Revenue 1.86 1.50
ROCE -71.53% -83.98%

Its ROCE and EBITDA margin stood at -83.98% and -38.29% respectively during FY23. On a unit level, the company spent Rs 1.50 to earn a rupee of operating revenue.

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