The income of the maker of electric two-wheelers, Ather Energy in March was more than five fold from that of FY21 from Rs 79 crore to Rs 408 crore in FY22. However, its losses increased 47% to Rs 344 crore for the same period.
Based on financials, Ather offered 23,408 electric scooters in FY22. This is 4.2 times more than the 5,523 electric scooters offered in FY 21.
This was despite the fact that the corporation was unable to service 50% of all orders received during the twelve months due to extreme constraints related to the supply of important parts.
The Ather 450X model was the most expensive, representing 81% of all items. The remaining 19% were Ather 450 Plus model. This suggests good traction for premium scooter users.
Part scarcity has caused the EV industry to suffer as demand for batteries and chipsets increased throughout the pandemic but the supply was badly affected.
Ather’s 12-month working expenses more than doubled to Rs. 718 crore, which largely consists of the prices of supplies as well as the profit of employees.
In its financials, the firm stated that it is aiming to increase its manufacturing capacity at Hosur’s facility to 400,000 automobiles per year from 120,000 automobiles. This will be done by organizing 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 mentioned. “Apart from EV manufacturing, the facility also focuses on lithium-ion battery manufacturing.”
In May, the Indian government’s sovereign wealth fund and current investor, the National Investment and Infrastructure Fund had raised $128 million.
Bengaluru’s EV maker grew from nine retail shops across nine cities in the twelve months to 34 shops across 28 cities at the end of FY22. Geographically, 51% of the community is located in South India, followed by 21% in West India, 20% in North India, and 9% in East India. According to the firm, it changed from a retailer owned by the company to a dealer model in order to increase its gross sales and repair community.
“These cities have a healthy mix of Tier 1, Tier 2 and Tier 3 cities with an extremely encouraging response from smaller towns,” the corporate mentioned. “The penetration of EV scooters as a percentage of the population is significantly higher in Tier 2 and Tier 3 cities as compared to the big metros. Big cities like Delhi, Bengaluru, Hyderabad and Chennai now have multiple Ather Experience Centers testifying the depth in demand in these cities.”
Ather stated that it also arranged 203 quick charging points this year, bringing the total number of charging points to more than 351 across 28 states.
According to the firm, it has launched the second generation of quick charging programs this year. This new technology will improve charging speed by 50% compared to the previous technology and offer the next degree of reliability.
In this fall FY22, 11% of all EV scooters were sold in the scooter market. March 2022 saw 12.5% penetration. This is faster than any business prediction, according to the corporate.
“However, the outlook on the supply side continues to be challenging with several unpredictable factors,” Ather mentioned of its outlook. “Shortage of battery cells and chips are two of the major factors that continue to be a concern for the near future. Recently, some incidents of EV two-wheelers from other brands having a battery and/or other product design and quality-related issues were reported, leading to recall of products in some cases by the OEMs.”
Ather’s rival Ola Electric, as well as other producers such Okinawa or Pure EV, have seen their scooters gained demand since March this year. This is increasing scrutiny in the burgeoning electric two-wheeler market.
Ather, a two-wheeler EV manufacturer, was May’s top gross seller. This is because of the fact that the current fires have slowed the demand for electric scooters.