Ather by Alamy

For FY22, Ather Energy reports a 411.9 percent increase in revenue.
Ather Energy sold 3,231 electric scooters in June 2022, recording a 9X YoY growth.

For FY22, Ather Energy reports a 411.9 percent increase in revenue.- The Brand Hopper
Image: The Brand Hopper

Ather Energy has witnessed significant growth in its scale. The company’s operating revenue grew 411.9% to Rs 408.5 crore in FY22 from Rs 79.80 crore in FY21, according to its regulatory filings with the RoC. The sale of electric two-wheelers constitutes 98% of the company’s operating revenue.

During the year, Ather Energy sold (retailed) 323% more units of its electric scooters to 23,408 units in FY22 which was at 5,523 units in FY21. As per the filings, the company also expanded from 9 retail stores (experience centers) in 9 cities last year to 34 experience centers in 28 cities at the end of FY22.

The geographical spread of the network comprises 51% in the South followed by 21% in the West, 20% in the North, and 9% in the East of India, filings further added.

Ather also had some of its operating income from the sale of services which is provided to customers as an additional feature to the main product. This income increased 81.3% to Rs 2.9 crore in FY22.

Interest income from fixed deposits & current investments and gain from the sale of such investments shrank 36.5% to Rs 5.4 crore in FY22 pushing total income of Ather to Rs 413.9 crore in FY22 from Rs 88.30 crore in the previous fiscal year (FY21).

Ather Energy has been in pure play manufacturing of electric two-wheelers making the cost of the parts and materials its largest cost center forming 51.7% of the overall cost which grew 327% to Rs 391.6 crore in FY22 from Rs 91.7 crore in FY21.

The company said in the financials that it is in the process of increasing production capacity at its Hosur facility to 400,000 vehicles per year from 120,000 vehicles by setting up another manufacturing plant in its vicinity.

“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.

Selling Figures

Bengaluru-based electric vehicle start-up, Ather Energy, has revealed its sales figures for June 2022. The company managed to sell 3,231 electric scooters in India last month.

Ather registered a massive 916 percent YoY growth in June 2022 as in the same period last year, its sales stood at just 318 units.

According to the leaked documents, the long-range version of the Ather 450 electric scooter features a larger 3.66kWh battery pack instead of the 2.9kWh battery pack carried by the outgoing model.

However, when compared on an MoM basis, Ather Energy’s sales declined by 14.6 percent as in May 2022, it sold 3,787 electric scooters, registering its highest-ever monthly sales. Commenting on the development, Ravneet S. Phokela, Chief Business Officer, Ather Energy, said, “Ather Energy delivered 3,231 units in June, registering a 9X year-on-year growth, and we continue to witness strong demand for our 450 series across the country.”

Other plans

Ather said it has also set up 203 fast charging points this year, taking the total number of charging points to over 351 across 28 states.

The company said it launched the second generation of fast charging systems this year. The new system increases charging speed by 50% over the 1st generation, with a higher degree of reliability.

The penetration of EV scooters in the overall scooter industry reached 11% in Q4 FY22 with March 2022 touching 12.5% penetration. This, the company said, is faster than any of the industry predictions.