Attero Reports 31% Decrease in Net Profit for FY24, Surpasses Rs 1,000 Crore in Revenue

Synopsis

Attero, an electronic waste recycling startup, experienced a significant net profit decline of 31% in FY24, attributed to rising expenses. However, the company still achieved remarkable revenue growth, crossing the Rs 1,000 crore milestone. CEO Nitin Gupta highlighted a substantial growth trajectory for FY25.

Key Takeaways

Net profit decrease: 31% decline in FY24.
Total expenses: Increased by 51.6% to Rs 426 crore.
Revenue growth: 54% increase year-on-year.
Product sales: Accounted for 75% of total revenue.
Funding raised: $31 million to date.

New Delhi, April 3 (NationPress) The electronic waste recycling firm Attero has reported a 31% decline in its net profit for FY24, attributed to escalating expenses, as per the company’s recent financial disclosures.

The net profit decreased from Rs 21 crore in FY23 to Rs 14.5 crore in FY24, primarily due to heightened costs, especially procurement expenses, which significantly impacted profitability.

In FY24, Attero’s expenses soared, with procurement costs constituting 85% of total expenditures. Material costs surged by 63.5% to Rs 363 crore.

Employee costs rose by 16.7% to Rs 14 crore, while legal expenses experienced a sharp increase of 66.7% to Rs 10 crore.

Additional overheads, including staffing and general expenses, totaled Rs 31 crore. Overall, total expenses escalated by 51.6% to Rs 426 crore in FY24 from Rs 281 crore in FY23.

The company reported a return on capital employed (ROCE) of 19.32%, with an EBITDA margin of 8.41%.

Attero spent Rs 0.96 to generate every rupee in revenue during the fiscal year. Notably, the company achieved a 54% year-on-year growth in revenue.

According to Nitin Gupta, CEO and Co-founder of Attero, the company has realized an impressive 125% growth from FY24 to FY25, exceeding the Rs 1,000 crore revenue threshold while enhancing profitability margins.

As per its financial report, Attero’s revenue from operations surged to Rs 446 crore in FY24, up from Rs 289 crore in the previous fiscal year.

Specializing in the recycling of e-waste and lithium-ion batteries using patented technology, Attero primarily earns its revenue from the sale of recycled metals and battery-grade materials.

In FY24, product sales contributed Rs 333 crore, making up 75% of total revenue, while the remaining income was derived from services such as e-waste recycling, lithium-ion battery processing, and secure data destruction.

Headquartered in Roorkee, Attero has secured a total of $31 million in funding to date. Its principal investors include NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%).