Ampere posts Rs 659 Cr revenue in FY25; cuts losses by 65%

Electric vehicle maker Ampere Vehicles has shown signs of recovery as the company posted single digit revenue growth in FY25, after the company had seen its revenue fall sharply by 46% in FY24. The company also managed to curb its losses in the same period.

Ampere’s operating revenue grew 8% to Rs 659 crore in FY25 from Rs 612 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).

Ampere, a brand under Greaves Electric Mobility, focuses on manufacturing electric scooters and three-wheeled vehicles. Sale of these products was the sole source of revenue for the company. Including other income of Rs 16 crore, Ampere’s total income rose to Rs 675 crore in FY25, compared to Rs 641 crore a year earlier.

On the spending side, cost of material accounted for 64% of the total expense. This cost rose 12% to Rs 589 crore in FY25 from Rs 527 crore in FY24. Employee benefit expenses declined 22% to Rs 79 crore, while advertising and promotional spends jumped 30% to Rs 43 crore during the year.

Depreciation expenses climbed 41% to Rs 45 crore in FY25 from Rs 32 crore in FY24. Other overheads, including warranty claims, finance costs and miscellaneous expenses, added another Rs 205 crore in FY25. Overall, total expenses increased 7% to Rs 918 crore in FY25 from Rs 857 crore in FY24.

Ampere managed to cut its losses by 65% to Rs 240 crore in FY25 from Rs 691.5 crore in FY24. Its ROCE and EBITDA margin improved to -85.27% and -30.50% respectively.

On a unit basis, Ampere spent Rs 1.39 to earn every rupee of operating revenue during the year, marginally better than Rs 1.40 in FY24. As of March 2025, the company reported cash and bank balances of Rs 25 crore, while its current assets stood at Rs 263 crore.

In terms of E2W sales for December, Greaves Electric Mobility retained its sixth position and sold 4,335 units with a market share of 4.66%. In terms of comparison, the segment’s leader TVS, sold 24,317 units with a market share of 26.14%.

In December 2024, Ampere’s parent Greaves Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 18.94 crore equity shares. The firm also received final nod from SEBI for the proposed IPO.