Medilytix Bureau : Bengaluru-based two-wheeler electric vehicle (EV) startup Ather Energy reported more than a 5X year-on-year (YoY) growth in its operating revenue in FY22, driven by a significant rise in sales of its vehicles.

Ather Energy’s operating revenue grew to INR 408.5 Cr in FY22 from INR 79.8 Cr seen in the previous fiscal, as per its regulatory filing. The EV startup’s losses also surged 47.5% to INR 344.1 Cr in FY22 due to higher expenses. The startup’s expenses grew to INR 758 Cr in FY22 from INR 321.6 Cr in FY21, mainly due to a rise in cost of materials consumed, which contributed about 50% to the total expenditure.
With a rise in its vehicle sales, Ather Energy’s cost of materials rose 270% to INR 377.3 Cr from INR 102.2 Cr reported in FY21. Employee benefit expenses was the second-largest contributor to its total expenditure for the year. The EV startup spent a total of INR 114.8 Cr in FY22 on employee benefits, a rise of about 75% YoY. Advertising and promotional expenses accounted for 6% of total spending for the year, rising to INR 45.5 Cr in FY22 from INR 31.5 Cr in FY21.

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