Ather Energy’s losses to reach `865 cr

Hero MotoCorp-backed electric vehicle (EV) company Ather Energy’s losses surged more than 2.5 times in the financial year 2022-23.

The EV startup reported a loss of Rs 864.5 crore in FY23, against a loss of Rs 344.1 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC).

Ather’s total expenses more than tripled to Rs 2,670.6 crore from Rs 757.9 crore in FY22, despite strong sales.

The surge in losses reported even after the firm’s revenue from operations grew 4.3 times to reach Rs 1,784 crore during the fiscal year ending March 2023.

The company spent Rs 1.5 to earn every Rs 1 from operations in FY23, while EBITDA margin improved to -38.3 per cent, according to reports.

Earlier this month, the electric vehicle firm raised Rs 900 crore from existing shareholders Hero MotoCorp and global investment firm GIC through a rights issue.

Ather said it plans to use the funds for new product launch and expansion of its charging infrastructure and retail network.