Ampere's Revenue Plummets by 46% to Rs 612 Crore in FY24

New Delhi, Dec 23 (NationPress) The electric vehicle (EV) manufacturer Ampere has seen its total operational revenue decrease by 46%, bringing it down to Rs 612 crore in FY24, down from Rs 1,124 crore in FY23.

Additionally, the company's losses have dramatically increased nearly 11 times to Rs 215 crore in the last fiscal year, compared to Rs 20 crore in FY23.

When factoring in non-operational costs (one-time charges) amounting to Rs 477 crore, the total loss for the company in FY24 escalates to a staggering Rs 693 crore, as reported in its financial records submitted to the Registrar of Companies (ROC).

The primary catalyst for this revenue decline was a significant reduction in scooter sales.

Ampere also manufactures three-wheeled electric vehicles in addition to electric scooters, with scooters making up 70% of the total sales in FY24.

The income generated from EV scooters fell by 59% to Rs 432 crore. Nonetheless, sales of electric three-wheelers witnessed a remarkable growth of 2.5 times year-on-year, totaling Rs 178 crore.

In the previous fiscal year, Ampere garnered Rs 29 crore from non-operational activities and Rs 2 crore from scrap sales.

The material costs constituted 61% of the company's total expenses for FY24, which decreased by 40% to Rs 526 crore.

In FY24, Ampere increased its workforce, leading to a 48.5% rise in employee expenses, which reached Rs 101 crore.

The total expenditure on advertising, legal, warranty, contracting, and other services amounted to Rs 857 crore in FY24, down from Rs 1,172 crore in FY23, according to its financial statements.

Following the losses in FY24, the company's Return on Capital Employed (ROCE) and EBITDA stood at (-) 45.4% and (-) 27.46%, respectively.

For the last financial year, Ampere had to spend Rs 1.40 to generate one rupee of income.

In FY24, Ampere's assets were valued at Rs 352 crore, which included a cash and bank balance of Rs 62 crore.