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About Ather Energy Limited
Founded in 2013, Ather Energy Limited is a pioneer in the Indian electric two-wheeler (E2W) market. Company designs and develops electric two-wheelers, battery packs, charging infrastructure, associated software, and accessories, while it manufactures its battery packs and assembles E2Ws in-house.
Ather Energy is a pure-play EV company that designs all its products ground up in India. They sold 109,577 E2Ws in FY 2024.
Company's current E2W portfolio comprises two product lines – the Ather 450 line, which caters to customers seeking performance scooters, and the Ather Rizta line, targeted at customers seeking convenience scooters for their family. Company's products are focused on quality and user experience and are positioned at a premium price in their respective segments
Why To Invest in Ather Energy Limited
Company proposes to utilize the Net Proceeds towards funding:
- Capital expenditure to be incurred by our Company for establishment of an E2W factory in Maharashtra, India;
- Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company;
- Investment in research and development;
- Expenditure towards marketing initiatives
Financial Table
| Year | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|
| Revenue from Operations (Rs. Cr) | 1753.8 | 1780.9 | 408.9 |
| Profit/Loss (Rs. Cr) | -1059 | -864.5 | -344.1 |
Strengths And Risks
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Ability to pioneer new technologies: Ather entered the market in 2018 with the Ather 450 model and has been a pioneer in the Indian
E2W industry. Company's strong in-house R&D capabilities across different disciplines give them control over the design of existing and future product offerings. They invested Rs. 236.5 Cr, Rs. 191.6 Cr, and Rs. 101 Cr in R&D in Fiscal Years 2024, 2023, and 2022, respectively.
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Premium Segment E2Ws: Ather Energy's focus on quality and user experience enables it to position its E2Ws at a premium price within both the performance and convenience scooter segments. For instance, Ather offers features such as Trip Planner, a data-driven feature in its app that allows customers to plan their daily commutes and charge requirements.
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Vertically integrated product design & strong in-house R&D : Control over the design of key components of E2Ws and accessories, including the underlying software,
gives Ather speed to market, control over quality, cost management capabilities, access to partnerships with large technology companies, and the ability to deliver an improved user experience.
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Scalable technology platform : Ather's technology platform, comprising of battery, powertrain, electronics, chassis, and Atherstack, serves as the backbone of its entire product lineup. While company has accelerated its product launch times, they have maintained quality controls for its products.
As at March 31, 2024, our batteries’ median state of health remained at 90% after five years.
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Losses and negative cash flows : Company has incurred losses and negative cash flows from operations since incorporation. There is no
assurance that operations will be cost-effective or achieve profitability in the future which depends on factors like product adoption, capacity utilisation, and business expansion internationally.
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Limited operating history : Company was incorporated in 2013 and launched its first E2W, the Ather 450, in June 2018. With limited operating history, there is a limited basis to make judgments regarding Ather's ability to develop, manufacture, and deliver E2Ws.
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Adoption of electric two-wheelers: Compared to internal combustion engine vehicles, EV options are still at a nascent stage. Further, there is generally a limited awareness of the benefits such as a lower total cost of ownership, that EVs offer beyond environmental gains.
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Competition: Ather's competitiveness within the highly competitive Indian automotive market depends on its ability
to develop, market, and deliver new and quality electric two-wheeler models and launch new associated
services.
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