EV maker Ampere’s revenue declines by 46 pc to Rs 612 crore in FY24

New Delhi, Dec 23 (SocialNews.XYZ) Electric vehicle (EV) maker Ampere's total income from operations in FY24 declined by 46 per cent to Rs 612 crore, from Rs 1,124 crore in FY23.

Ampere's losses also surged nearly 11 times to Rs 215 crore last fiscal, from Rs 20 crore in FY23.

If the company's non-operative (one-time cost) of Rs 477 crore is included, then the company suffered a massive loss of Rs 693 crore in FY24, as per its financials with the Registrar of Companies (ROC).

The reason for the decline in the company's income was drop in its scooter sales.

Ampere also offers three-wheeler electric vehicles along with electric scooters. Electric scooters accounted for 70 per cent of the company's sales in FY24.

The company's income from EV scooters fell 59 per cent to Rs 432 crore. However, sales of electric three-wheelers grew 2.5 times year-on-year to Rs 178 crore.

In the last financial year, Ampere earned Rs 29 crore from non-operational activities and Rs 2 crore from the sale of scrap.

The share of material cost in the total expenses of the company was 61 per cent in FY24. It declined by 40 per cent to Rs 526 crore in FY24.

Ampere recruited more employees in FY24. Due to this, the employee expenses of the company increased by 48.5 per cent to Rs 101 crore in FY24.

The company spent Rs 857 crore on advertising, legal, warranty, contracting and other items in FY24. This was Rs 1,172 crore in FY23, as per its financials.

Due to loss in FY24, the company's ROCE and EBITDA are (-) 45.4 per cent and (-) 27.46 per cent.

In the last financial year, the company spent Rs 1.40 to earn one rupee.

Ampere had assets worth Rs 352 crore in FY24. This includes cash and bank balance of Rs 62 crore.

Source: IANS