Electric vehicle (EV) maker

Ather Energy

on Monday reported a net loss of ₹234.40 crore in the fourth quarter of last financial year (FY25), widened by 18.5 per cent from ₹197.8 crore net loss in Q3 (quarter-on-quarter).

Total expenses rose to ₹922 crore in Q4, 8.7 per cent up on the quarterly basis and 12.6 per cent year-on-year.

The company's revenue from operations went up 29 per cent to ₹676 crore in Q4, from ₹523.4 crore in the year-ago period.

Meanwhile, the earnings before interest, taxes, depreciation and amortization (EBITDA) loss stood at ₹172.50 crore, against a loss of ₹238.50 crore from a year-ago period.

Ather Energy had made a muted debut on the stock exchanges. The stock was listed at ₹328 per share on the National Stock Exchange (NSE), which was 2.18 per cent higher than its issue price. On the Bombay Stock Exchange (BSE), it opened at ₹326.05, marking a 1.57 per cent gain.

The ₹2,981 crore IPO of Ather Energy had received lukewarm investor interest, getting subscribed 1.43 times during the three-day bidding period from April 28 to 30.

The stock was up 3.11 per cent or ₹9.35 to close at ₹309.55 apiece on Monday.

Despite being one of the early players in India's EV space, Ather has never reported a profit since it was founded in 2013 by Tarun Mehta and Swapnil Jain. The company's red herring prospectus (RHP) states that it has been making losses every year and there is no certainty about becoming cost-effective or profitable anytime soon.

In the financial year 2023-24, Ather Energy reported a pre-tax loss of ₹1,059.7 crore. This is a sharp increase from its ₹864.5 crore loss in FY23 and ₹344.1 crore in FY22 -- showing a widening gap in its financial performance. At the same time, its revenue in FY24 stood at ₹1,753.8 crore, slightly lower than the ₹1,780.9 crore it posted in FY23.