BattRE crosses Rs 100 Cr revenue mark in FY24, remains profitable

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Electric two-wheeler manufacturer BattRE is back on a growth trajectory, reporting an 18% increase in FY24, compared to a 6% decline in FY23. However, its profit remained unchanged during the last fiscal year. BattRE’s revenue from operations increased to Rs 102.5 crore in FY24 from Rs 87 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). BattRE is an Indian electric scooter company which manufactures city, off-road, and hybrid scooters. Sales of these scooters accounted for 98.5% of the total operating revenue which spiked 18.82% to Rs 101 crore in FY24 from Rs 85 crore in FY23. Meanwhile, income from services declined by 25% to Rs 1.5 crore during the same period. On the expense side, the cost of materials remained the largest expenditure, increasing 10% to Rs 76 crore. Employee benefit expenses saw a 25% jump to Rs 5 crore, while discount-related costs soared 5X to Rs 5 crore. Transportation expenses remained steady at Rs 4 crore, and other operational expenses added another Rs 12 crore. Ultimately, BattRE’s total costs rose 17% to Rs 102 crore in the last fiscal. Despite a substantial spike in expenses, BattRE’s profit remained unchanged at Rs 50 lakhs in FY24. Its ROCE and EBITDA margin stood at 478% and 66%, respectively. On a unit basis, the company spent Re 1 to earn a rupee in FY24, similar to the previous fiscal year. As of March 2024, the Jaipur-based firm reported current assets worth Rs 32 crore including Rs 1 crore of cash and bank balance. According to startup data intelligence platform TheKredible, BattRE has raised a total of $466K of funding till date, having Gajendra Chandel as its lead investor, who owns 5.24% of the company. The company’s founder Nishchal Choudhary owns 32.84% of the company.