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2 clusters · 5 sources · 6 days · First seen · Last updated
Ather Energy financial performance and market impact
Overview
Ather Energy, a Bengaluru-based electric two-wheeler manufacturer, reported its first profitable quarter with a net profit of ₹1.26 crore for the September period. This follows a net loss of ₹154.07 crore during the same quarter the previous year. Revenue for the quarter increased by 62.9% to ₹1,464.24 crore, supported by a 42% year-on-year increase in scooter sales.
To meet demand, the company announced plans to invest ₹122 crore to expand manufacturing capacity. This includes increasing annual production at its Hosur plant in Tamil Nadu by 75,000 units and adding a new battery line, as well as increasing capacity at its Chhatrapati Sambhajinagar facility in Maharashtra from 5 lakh to 6.5 lakh units.
Following these earnings, Ather Energy led gains among Indian new-age tech stocks, with its share price rising 26.8% to close at ₹1,755.05. This performance contributed to a broader rise in the market capitalization of tracked tech companies.
Entities
Ather Energy · Tamil Nadu · Chhatrapati Sambhajinagar · Hosur · Zetwerk
Timeline
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[BUSINESS] 2 sourcesIndian new-age tech stocks rise as Ather Energy leads gains
Indian new-age tech stocks saw a 5.7% market cap increase this week, led by Ather Energy's 26.8% rise following its first quarterly net profit.
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[BUSINESS] 4 sourcesAther Energy reports first quarterly profit and expands manufacturing
Ather Energy turned profitable in the September quarter with a net profit of ₹1.26 crore, prompting a ₹122 crore investment to expand manufacturing capacity in Tamil Nadu and Maharashtra.
Sources
autopunditz.com · equitypandit.com · inc42.com · m.businesstoday.in · tezzbuzz.com