Ather Energy (ATHERENERG) Q4 23/24 earnings summary

Executive summary

• Revenue from operations for FY 2023-24 was INR 17,538 million, nearly flat compared to INR 17,809 million in FY 2022-23.

• Loss for the year widened to INR 10,597 million from INR 8,645 million year-over-year, mainly due to exceptional items and continued high operating expenses.

• 1,09,577 electric scooters were delivered, up from 92,093 units in the previous year, with strong traction in the premium segment.

• Production capacity reached 4.2 lakh vehicles and 4.1 lakh Li-Ion battery packs per annum.

• Significant marketing investments and new product launches (450s, 450 Apex) supported brand awareness and sales.

Financial highlights

• Total income for FY 2023-24 was INR 17,891 million, slightly down from INR 18,018 million in FY 2022-23.

• Total expenses were INR 25,852 million, marginally lower than INR 26,013 million last year.

• Loss before tax increased to INR 10,597 million from INR 8,645 million year-over-year.

• Exceptional items of INR 1,746 million included refunds related to government incentives and charger price.

• No dividend was declared due to losses.

Outlook and guidance

• Management expects increased sales driven by higher EV demand and cost control measures.

• Post year-end, additional funding was secured through NCDs and new loan sanctions, supporting liquidity for the next 12 months.