Ather Q4: Loss Narrows 17% YoY To INR 234 Cr

Recently listed EV major Ather Energy narrowed its net loss by 17% to INR 234.4 Cr in the fourth quarter of FY25 from INR 283.3 Cr in the year-ago quarter. However, on a quarter-on-quarter (QoQ) basis, the company’s loss grew 19% from INR 197.8 Cr. 

The company’s top line shot up on a QoQ as well as year-on-year (YoY) basis. Ather’s operating revenue rose 29% to INR 676.1 Cr during the quarter under review from INR 523.4 Cr in the year-ago quarter. It increased 7% from INR 634.9 Cr in Q3. 

Including other income of INR 11.7 Cr, the company’s total income for Q4 FY25 stood at INR 687.8 Cr. 

EBITDA loss for the quarter stood at INR 530.7 Cr, down 18% from INR 649.4 Cr a year ago. EBITDA margin also improved to -23% from -36% in Q4 FY24. In a statement, Ather said that its adjusted gross margin for the quarter doubled YoY to 18% from 9%. 

Meanwhile, total expenses for the quarter zoomed 9% QoQ and 13% YoY to INR 922.2 Cr.   

For the full fiscal year FY25, Ather managed to trim its loss by 23% to INR 812.3 Cr from INR 1,059.7 Cr. Its operating revenue zoomed 29% to INR 2,255 Cr in FY25 from INR 1,753.8 Cr in FY24.

Ather To Expand Presence In North India

The company’s vehicle sales volume for Q4 FY25 stood at 47,411 units, up 35% from 35,244 units in the year-ago quarter. With this, the company’s total sales count for the fiscal year zoomed 42% YoY to 1.55 Lakh units. 

For FY25, the company’s revenue per two-wheeler sold stood at INR 1.28 Lakh, 10% lower than INR 1.43 Lakh in the previous fiscal year.

Ather had a 13.3% share in India’s fast-growing two-wheeler EV market in the March quarter of FY25, trailing behind industry leaders Ola Electric, Bajaj Auto and TVS Motor. However, the recently listed company said that it is the leader in the Southern Indian market, with a 22.4% stake. 

Moving forward, Ather is looking to expand its presence in North India. In a post-earnings call, the company’s founder and CEO Tarun Mehta emphasised its focus on expanding its stores beyond its stronghold regions.  

The company set up 86 new stores in Q4 FY25, taking the total count to 351. A majority of the new stores were launched in the “non-south region”.

On the product diversification front, the company launched two tech-enabled helmets – Ather Halo and Halo Bit – in July 2024. The helmets, which are priced INR 6,999 and INR 2,999, respectively, have bluetooth connectivity, wireless charging, and smart features like music control and call handling.

Besides, the company installed 1,128 charging points (fast charging grid and Ather neighbourhood chargers) in FY25, taking its total of charging points to 3,611. 

With these innovations, the company saw the share of non-vehicle sales in its total revenue rise to 12% from 10% in FY24.

“On the back of our new product launches, we saw strong volume growth of 42% (in FY25), and our continued investments in engineering and R&D delivered a strong improvement in margins. Our software sales have continued to trend strongly, with 88% of our customers choosing to buy our Pro Pack in FY25, contributing to improvement of our bottom line,” Mehta said. 

The Ather Pro Pack is an optional package available for certain Ather electric scooters, adding features like ride modes, onboard navigation, and connectivity options.

Ather’s D-Street Performance Till Now

This was the first financial disclosure by Ather after its public listing on May 6, making it the second EV company in India to list on the bourse after Ola Electric and the first mainboard listing in India in FY26.

Ather’s public issue, which opened on April 28 and closed on April 30, ended with an oversubscription of 1.43X. 

The EV maker’s shares listed on the BSE at INR 326.05 on May 6. Since then, the shares have met with a bearish investor momentum, dipping as much as 12% to a low of INR 287.30 last week. 

However, the company’s shares ended today’s trading session 3.29% higher from the previous close at INR 309.55, in line with the gains in the broader market.