Ather Energy posts narrower quarterly loss, aided by firm scooter demand
- The Rizta scooter maker posts a net loss of 508.7 million Indian rupees ($5.34 million) in the quarter ended June 30
Indian electric scooter maker Ather Energy reported a sharply narrower first-quarter loss on Monday as strong demand for its Rizta scooters helped cushion the impact of higher costs.
The Rizta scooter maker posted a net loss of 508.7 million rupees ($5.34 million) in the quarter ended June 30, compared with a loss of 1.78 billion rupees a year earlier.
Revenue surged about 90% to 12.17 billion rupees while expenses rose 54%.
Vehicle sales jumped 81% the quarter to 83,173 units.
Conflict in West Asia disrupted crude oil supplies, driving up plastics and polymers costs, the company said.
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The narrower loss was driven by strong demand for the family-focused Rizta scooters, which broadened its customer base beyond its traditional performance-focused models.
EBITDA margin improved to 0.8% from negative 15.7% a year ago in the June quarter.
Ather continued expanding its retail and charging infrastructure in Tier-2 and Tier-3 cities, helping boost sales volumes and improve operating leverage, the company said.
Ather has been facing pricing and market-share pressure from rivals Ola Electric, TVS Motor and Bajaj Auto, amid an aggressive price war.