Synopsis
Attero, a leading electronic waste recycling startup based in New Delhi, has reported a significant 31% drop in net profit for FY24, mainly due to rising costs, particularly in procurement and legal expenses. Despite increased revenues, the surge in total expenditure has impacted profitability.Key Takeaways
- 31% decrease in net profit for FY24.
- Total expenses rose by 51.6% to Rs 426 crore.
- Procurement costs accounted for 85% of total spending.
- Revenue grew by 54% year-on-year to Rs 446 crore.
- Attero specializes in recycling e-waste and lithium-ion batteries.
New Delhi, April 3 (NationPress) The electronic waste recycling firm Attero has reported a 31% decrease in net profit for FY24, primarily attributed to escalating expenses, as per the company’s recent financial disclosures.
The company’s net profit decreased from Rs 21 crore in FY23 to Rs 14.5 crore in FY24, largely due to rising costs, especially procurement expenses, which significantly impacted profitability.
In FY24, Attero's expenses soared, with procurement costs constituting 85% of the total expenditure. Material costs surged by 63.5% to Rs 363 crore.
Employee-related expenses rose by 16.7% to Rs 14 crore, while legal costs experienced a sharp increase of 66.7% to Rs 10 crore.
Other operational expenses, including manpower and general costs, reached Rs 31 crore. Overall, total expenses escalated by 51.6% to Rs 426 crore in FY24 from Rs 281 crore in FY23.
The company's return on capital employed (ROCE) was noted at 19.32%, while its EBITDA margin was recorded at 8.41%.
During this fiscal year, Attero spent Rs 0.96 to generate every rupee of income, despite observing a 54% year-on-year increase in revenue.
According to its financial report, Attero's revenue from operations climbed to Rs 446 crore in FY24, up from Rs 289 crore in the previous fiscal.
The company specializes in recycling e-waste and lithium-ion batteries through patented technology, primarily earning revenue from the sale of recycled metals and battery-grade materials.
In FY24, product sales accounted for Rs 333 crore, representing 75% of total revenue, while the remainder was derived from services including e-waste recycling, lithium-ion battery processing, and secure data destruction.
Based in Roorkee, Attero has raised a total of $31 million to date, with primary investors including NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%).
