Indian electric two-wheeler maker Ather Energy reported a narrower fourth-quarter loss on Monday, helped by strong demand for its top-selling ‘Rizta’ family scooters.
The company, which made its stock market debut last week, reported a loss of 2.34 billion rupees (about $28 million), compared to a loss of 2.83 billion rupees a year before.
Ather started selling electric scooters in 2018, becoming one of India’s first to offer these vehicles, but has since fallen behind Ola Electric and legacy rivals, which are better funded and have a wider distribution network.
Ather is counting on higher sales by expanding its presence in India’s northern and western regions with its top-seller, ‘Rizta,’ along with a new platform that it expects will help it produce scooters at lower costs, to turn profitable.
The Hero MotoCorp-backed company’s revenue grew 29% to 6.76 billion rupees, while quarterly expenses grew at a slower pace of 12.6%.
Ather‘s sales rose 13.4% year-on-year during the quarter, according to government registration data.
Its shares were up 3.3% after the results.
Reuters
