Electric vehicle maker Ampere said its revenue from operations in FY24 declined by 46 percent to Rs 612 crore, compared to Rs 1,124 crore in FY23, primarily due to a drop in scooter sales.
Losses of Ampere surged nearly 11 times to Rs 215 crore, up from Rs 20 crore in FY23. Including a non-operational one-time cost of Rs 477 crore, the total loss amounted to Rs 693 crore for FY24.
Electric scooters accounted for 70 percent of the company’s sales, with income from scooters falling by 59 percent to Rs 432 crore. In contrast, sales of electric three-wheelers grew 2.5 times year-on-year, contributing Rs 178 crore to revenue. Non-operational activities added Rs 29 crore, while the sale of scrap contributed Rs 2 crore.
Material costs represented 61 percent of total expenses, declining 40 percent to Rs 526 crore. Employee expenses rose by 48.5 percent to Rs 101 crore due to increased hiring. Spending on advertising, legal, warranty, contracting, and other items totaled Rs 857 crore, down from Rs 1,172 crore in FY23.
The company’s ROCE and EBITDA stood at (-) 45.4 percent and (-) 27.46 percent, respectively. Ampere spent Rs 1.40 to earn one rupee during FY24. Total assets were valued at Rs 352 crore, including a cash and bank balance of Rs 62 crore.