EV maker Ampere’s operating income declined 46 percent in FY24

New Delhi| Electric vehicle maker Ampere’s total income from operations has declined by 46 per cent to Rs 612 crore in FY24. In FY23, it was Rs 1,124 crore. Data filed by the company with the Registrar of Companies (ROC) reported that Ampere’s losses had increased nearly 11-fold to Rs 215 crore in FY24, up from Rs 20 crore in FY23.

Combined the company’s non-operative (one-time cost) of Rs 477 crore, the company has suffered a loss of Rs 693 crore in FY24. The reason for the decline in the company’s income is the decline in scooter sales. Along with electric scooters, three-wheeler electric vehicles are also offered by Ampere.

Electric scooters accounted for 70 percent of the company’s sales in FY24. The company’s income from EV scooters has fallen 59 per cent to Rs 432 crore. However, sales of electric three-wheelers have increased 2.5 times to Rs 178 crore on an annual basis. Ampere has earned Rs 29 crore from non-operational activities and Rs 2 crore from scrap sales in the last financial year.

Including this, Ampere’s total income in FY24 has been Rs 641 crore, up from Rs 1,159 crore in FY23. Material costs accounted for 61 percent of the company’s total spending in FY24. It has decreased by 40 percent to Rs 526 crore in FY24.

More staff have been recruited by Ampere in FY24. Due to this, the company’s employee expenses have increased by 48.5 percent to Rs 101 crore in FY24. The company has spent Rs 857 crore on advertising, legal, warranty, contracting and other items in FY24. This was Rs 1,172 crore in FY23.

The company’s ROCE and Ebitda have been (-) 45.4 percent and (-) 27.46 percent due to losses in FY24. In the last financial year, the company has spent 1.40 rupees to earn one rupee. Ampere had assets worth Rs 352 crore in FY24. This includes cash and bank balance of Rs 62 crore.