Electric vehicles (EV) maker Ather Energy is on course to increase its revenues fivefold year on year this fiscal to ₹2,000-2,200 crore, riding on a spurt in sales and increased capacity from a new plant.
The maker of 450 Pro and 450X electric scooters is looking to sell between 90,000 and 1,00,000 units in FY23, up more than 300% from sale of 23,000 e-scooters in FY22, people aware of its plans told ET.
In the first seven months of this financial year, the Hero MotoCorp and Sachin Bansal-backed company sold about 35,480 e-scooters. The monthly sales run rate has exceeded 8,000 units in recent months and the company is well on its way to producing and selling around 13,000 units a month by the January-March quarter, people cited above said.
Ather Energy’s accelerating sales is visible in its market share performance. According to Vahan data maintained by the road transport and highways ministry, Ather Energy registered a share of nearly 10% in the e-scooter market in the last three months, up from 6% at the beginning of the year.
A detailed questionnaire sent to the Bengaluru-based company did not elicit a response till press time Wednesday.
Ather Energy had registered a revenue of ₹408 crore in FY22 from sales volume of around 23,000 units. In the first half of the current fiscal, it has already crossed the annual revenues of previous year by registering a turnover of ₹515 crore with gross profit of ₹40 crore, according to its filing with the Ministry of Corporate Affairs (MCA).