E-waste recycler Attero nears Rs 450 Cr revenue in FY24

Electronic waste recycling startup Attero registered a 54% year-on-year growth in FY24, bringing its revenue close to the Rs 450 crore mark. However, despite the strong top-line growth, the company’s net profit declined by 30% during the fiscal year.

Attero’s revenue from operations increased by 54% to Rs 446 crore in FY24 from Rs 289 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC).

Attero is an environmentally focused company, specializing in recycling and upcycling services for electronic waste and biowaste. It uses patented technology to recycle e-waste, including dismantling and extracting precious metals from electronic devices and lithium-ion batteries. 

The sale of products (recycled metals, battery-grade materials) accounted for 75% of the revenue at Rs 333 crore. Whereas, the rest of the income comes from the sale of services, including e-waste recycling, lithium-ion battery processing, EPR compliance, secure data destruction, and waste management solutions.

For the e-waste recycling firm, the cost of procurement of materials formed 85% of Attero’s total expenses, which increased by 63.5% to Rs 363 crore in FY24. Its Employee benefit expenses rose by 16.7% to Rs 14 crore, while legal charges jumped 66.7% to Rs 10 crore. Other overheads, including manpower and general expenses, stood at Rs 31 crore.

Overall, the company's total expenditure rose by 51.6% to Rs 426 crore in FY24 from Rs 281 crore in FY23. For a detailed expense breakdown, refer to TheKredible.

Despite robust revenue growth, the sharp rise in procurement weighed on profitability. Attero’s profit margin narrowed, leading to a decline in net profit by 31% to Rs 14.5 crore in FY24 from Rs 21 crore in FY23.

Its ROCE and EBITDA margin stood at 19.32% and 8.41% respectively. On a unit level, the company spent Rs 0.96 to earn a rupee during the fiscal year. The Roorkee-based firm recorded total current assets worth Rs 232 crore in FY24, including Rs 12 crore in cash and bank balance. 

According to TheKredible, Attero has raised a total funding of $31 million to date. The company's lead investors include NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%). Its co-founder & CEO, Nitin Gupta, holds a 9.19% stake in the company.