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Time of India
2 hours ago
- Business
- Time of India
UT water crises precipitated by inter-state dispute: MC
Chandigarh: With several areas of the city experiencing a severe water crises, MC engineering department officials revealed that Chandigarh received less water due to the tussle between governments of Punjab and Haryana over release of water. Tired of too many ads? go ad free now Replying to questions of councillors during MC house meeting, engineering department officials said that since the issue had been resolved, Chandigarh had started receiving water at full capacity. However, it would take time for things to go back to normal. "During the tussle between Punjab and Haryana governments over release of water, pumping remained slow in Kajauli canal, from where Chandigarh gets water. Due to this, water level in Kajauli went down 2 feet, causing water scarcity. Now, proper water supply has been restored but stabilisation is taking time. Engineering officers of Punjab did not tell us about this at the time," an executive engineer of the MC said while replying to questions of councillors. As per records, currently, the MC gets 87 MGD water supply on a daily basis, of which around 62 MGD comes through the Kajauli water canal, while the remaining 25 MGD is taken from tubewells located across the city. Raising the issue of the water crises in their respective wards, they said that this was the first time the city had experienced such a severe situation. When most councillors raised the issue of water crises in their respective municipal wards. They said that this was the first time such an extreme water crisis-like situation had occurred. Deputy mayor Tarun Mehta said, "Though there are problems with water supply in the summer, such an extreme water supply crisis has occurred for the first time." Tired of too many ads? go ad free now BJP's Jasmanpreet Singh said, "I have been constantly telling officers concerned about the persisting water crises in my municipal ward, but the problem remains." AAP's Jaswinder Kaur said that a number of councillors were getting water supply through MC tankers but questioned how long it could serve the purpose. Box: Complaint of muddy water AAP councillor Suman Devi, who represents Indra Colony, brought a bottle of muddy water from her area to show the extent of the water supply problem. Raising questions on water supply, she said that area residents had been receiving muddy water for many days, but the problem had not been resolved. According to her, the officer concerned told them that the problem was caused by soil in the water supply pipleline and had been resolved. Box: 24X7 water supply project questioned Raising questions on the 24X7 water supply project, Congress councillor Gurpreet Singh Gabi demanded that it be cancelled immediately and a Vigilance probe be conducted. He also demanded closure of the 24X7 water supply project in Manimajra. Gabi pointed out that the consultancy fee of Rs 29 crore, which had been paid, was nearly 8% of the total project cost and unheard of anywhere in the world. He also criticised the MC for removing tubewell operators, saying that it takes 20 to 25 minutes to start a single tubewell. He questioned how one operator could manage three tubewells at once. MSID:: 121602488 413 |
Time of India
13-05-2025
- Automotive
- Time of India
Indian e-scooter maker Ather posts first drop in annual loss on improving demand, margins
HighlightsAther Energy reported its smallest full-year loss ever, narrowing its net loss to 8.12 billion rupees (approximately $98 million) from 10.6 billion rupees in the previous year. The company's strong revenue growth of 29 per cent in the fourth quarter was driven by high demand for its new family-oriented e-scooter, 'Rizta'. Ather Energy's Chief Executive Officer, Tarun Mehta, stated that the company is focusing on research and development-led cost reductions to achieve profitability at a lower scale than its competitors. Indian e-scooter maker Ather Energy , founded in 2013, reported a smaller full-year loss for the first time ever on Monday, as strong demand for its 'Rizta' scooter and lower unit costs boosted margins. Ather started selling e-scooters in 2018, becoming a pioneer in the Indian market, but has since fallen behind Ola Electric and legacy rivals, who are better funded and have a wider distribution network. The company, which debuted on the stock market last week, has sought to close the gap with the launch of the more family-oriented 'Rizta' and by using its engineering heft to lower costs. That helped its net loss narrow to 2.34 billion rupees (about $28 million) in the fourth quarter, from 2.83 billion rupees a year ago. Its full-year loss shrank to 8.12 billion rupees from 10.6 billion rupees. "Our reduction of losses and improvement of margins have happened on the back of our focus on software and a strong R&D-led cost reduction," CEO Tarun Mehta said. Mehta, who has referred to Ather's e-scooters as the "Apple of electric two-wheelers", said the company could achieve profitability "at a lower scale than some of our peers." He did not give details or a timeline. Its closest rival, Ola Electric, is also posting losses, while legacy two-wheeler companies, including market leader and Ather's biggest shareholder Hero MotoCorp, do not give separate results for their electric vehicle sales. Strong demand for the 'Rizta' helped Ather's fourth-quarter revenue increase 29 per cent. The company hopes the 'Rizta' and other launches will help it expand in north and west India, and is backing its R&D prowess to cut production costs. This, said Mehta, has already helped Ather cut full-year unit costs by nearly 20 per cent, leading to adjusted gross margin, including government subsidies, doubling to 19 per cent. Ather's earnings margin before interest, taxes, depreciation and amortisation (EBITDA) margin improved to negative 23 per cent from about negative 36 per cent.
Time of India
13-05-2025
- Automotive
- Time of India
In distribution rampup, Ather eyes hundreds of cities where competitors already present
New Delhi: Ather Energy has begun beefing up its distribution network and number of service centres across the country, as it looks to gain market share against legacy heavyweights. It has been no secret that the legacy players, Bajaj Auto and TVS Motor Company , started with a disadvantage in the electric two-wheeler (e2w) market with single product portfolios when electric first manufacturers were ruling. But both the old timers have since raced ahead to command about a fifth each of the e2w market, largely on the strength of their distribution and servicing muscle, coupled with some pricing actions. So, Ather's resolve to open hundreds of stores in new cities across the country this fiscal seems a step in the right direction. Ather's all-India market share in the March quarter of FY25 was 13.3 per cent, making it fourth in the pecking order behind TVS, Bajaj and Ola. In the single quarter, we added almost 86 stores, taking our total store count to 351... Overall for the full year, our store count was up 69%.Tarun Mehta Speaking to analysts after the FY25 results, executive director and CEO Tarun Mehta said that Ather had 351 stores at the end of the fiscal year, of which 30 per cent were added in the March quarter alone. And the company now has the capacity to add two new stores per day to its network. Also Read: Ather aims for the sky with new scooter, motorcycle platforms 'Post Rizta's introduction in Q2 (July-September 2024) and its success by the festive where we saw nearly 100 per cent growth over previous festive, we started adding stores at a rapid pace and our distribution was up almost, I believe, 30 per cent in the fourth quarter. In the single quarter, we added almost 86 stores, taking our total store count to 351... Overall for the full year, our store count was up 69 per cent. Today our operational capacity is up to adding almost two stores per day,' Mehta told analysts after the FY25 results. In a recent call, TVS said its e2w iQube now retails across 950 dealerships and the company can expand the distribution network further. CEO K N Radhakrishnan said that TVS wants to 'systematically expand in every market' since iQube was doing well. So Ather has some catching up to do with the number of stores at roughly a third of TVS' network and both companies resolving to expand the network further. Also Read: Ather Energy shares slide over 7% in tepid stock market debut Mehta, meanwhile, also spoke of competitive intensity on the distribution network by saying that 'our peers have been operating at 700, 800 stores. Obviously, there are really press releases of even higher numbers that you would have seen…So as we start getting into those hundreds of cities where our competition was present in the past, but we were not…I believe there is a lot of urgent volume for us to tap into.' And not just expanding distribution, Ather has also underlined servicing of its products, with Mehta speaking about starting the ' Ather Gold Service Centers ' last fiscal. 'These are service centers where we bring higher discipline, higher process discipline, better manpower, better training, better turnaround times overall. So, we launched them, and I think we've scaled up to maybe about a dozen or approximately something in that range, service centers across the country,' he said. Post Rizta's introduction in Q2 and its success by the festive where we saw nearly 100% growth over previous festive, we started adding stores at a rapid paceTarun Mehta Profitability: For the year ending March 2025, Ather's total income was up 29 per cent to ₹2,305 crore (₹1,789 crore), adjusted gross margin was higher by 2.7 times at ₹428 crore and EBIDTA improved by almost 1300 basis points to -23 per cent from -36 per cent. Net losses were lower by almost a fourth, to ₹812 crore (₹1,060 crore). Mehta highlighted the 'strong' improvement in gross margins and showed the path to profitability by focusing on the new EL platform products, transition of the company to LFP battery packs with lower cost architecture, overall value engineering and the new production facility in Maharashtra. He also pointed out that Ather has never been 'a discount-led brand or a very, very marketing-pushed brand. So, while marketing will continue to be strong, but on a percentage basis, that should also see a downward trajectory. So, I think very strong levers for operating leverage in the coming quarters, which will hopefully get us to profitability soon.' Also Read: Ather Energy plans ₹2,626 crore IPO to expand production and reduce debt While targeting costs, Ather is also in the process of expanding its product portfolio. The company has already said that it is working on a low cost scooter platform called EL and an electric motorcycle is also under development. More Rizta variants may also be in the offing.
Mint
12-05-2025
- Automotive
- Mint
Ather Energy Q4 results: Losses narrow to ₹234 crore, revenue jumps 29%
Ather Energy Q4 results: Electric two-wheeler manufacturer Ather Energy narrowed its losses to ₹ 234.4 crore in the March quarter of the previous fiscal year. The company had reported a loss of ₹ 283.30 crore during the same period a year earlier, according to a regulatory filing. The company's revenue increased by 29% to ₹ 676 crore in the quarter being reviewed, compared to ₹ 523 crore in the corresponding quarter of the previous year. For the fiscal year 2024-25, Ather Energy reported a net loss of ₹ 812 crore, down from ₹ 1059.70 crore the previous year. 'With a strong 42% increase in vehicle volumes and a 29% rise in total income year-on-year, Ather continues to demonstrate solid growth momentum. The company has also made substantial improvements in its adjusted gross margins from 9% in FY24 to 19% in FY25 and operational efficiency, setting a strong foundation for continued growth and profitability,' said the company in an exchange filing. Ather Energy reported an EBITDA loss of ₹ 172.50 crore, an improvement from the loss of ₹ 238.50 crore reported in the same period last year. The company was listed at a premium of 2.18% at ₹ 328 on the NSE, and a premium of 1.6% at ₹ 326.05 on the BSE. This is in comparison to the IPO issue price of ₹ 321. The Bengaluru-based firm made its stock market debut on May 6 of this year. In an exchange filing, the company reported that for the year ending March 2025, Ather Energy's electric scooter sales increased by 42%, totaling 155,394 units, up from 109,577 units in FY24. Following the ramp-up of deliveries in Q2 FY25, Ather Rizta now accounts for 57% of overall sales, boosting Ather's market share in regions such as Delhi, Rajasthan, Maharashtra, and Gujarat. The company continued to perform well in southern states, where it maintained a significant market share of 19.7% in FY25. "FY25 has been a year of robust growth, with strong increases in both volume and profitability, year-on-year. On the back of our new product launches, we saw strong volume growth of 42%, and our continued investments in engineering and R&D delivered a strong improvement in margins. Adjusted gross margins doubled, growing by approximately 1,000 bps, and that helped reduce EBIDTA losses by approximately 1,300 bps over the preceding year. Our software sales have continued to trend strongly, with 88% of our customers choosing to buy our Pro Pack in FY25, contributing to improvement of our bottom line. Q4 was a strong quarter for distribution and saw a 32% expansion in our pan-India store count,' said Tarun Mehta, Executive Director and CEO at Ather Energy. Ather Energy share price today ended 3.29% higher at ₹ 309.55 apiece on the BSE.
Business Recorder
12-05-2025
- Automotive
- Business Recorder
Indian e-scooter maker Ather posts first drop in annual loss on improving demand, margins
Indian e-scooter maker Ather Energy, founded in 2013, reported a smaller full-year loss for the first time ever on Monday, as strong demand for its 'Rizta' scooter and lower unit costs boosted margins. Ather started selling e-scooters in 2018, becoming a pioneer in the Indian market, but has since fallen behind Ola Electric and legacy rivals, who are better funded and have a wider distribution network. The company, which debuted on the stock market last week, has sought to close the gap with the launch of the more family-oriented 'Rizta' and by using its engineering heft to lower costs. That helped its net loss narrow to 2.34 billion rupees (about $28 million) in the fourth quarter, from 2.83 billion rupees a year ago. Its full-year loss shrank to 8.12 billion rupees from 10.6 billion rupees. 'Our reduction of losses and improvement of margins have happened on the back of our focus on software and a strong R&D-led cost reduction,' CEO Tarun Mehta said. Indian e-scooter maker Ather Energy falls in market debut Mehta, who has referred to Ather's e-scooters as the 'Apple of electric two-wheelers', said the company could achieve profitability 'at a lower scale than some of our peers.' He did not give details or a timeline. Its closest rival, Ola Electric, is also posting losses, while legacy two-wheeler companies, including market leader and Ather's biggest shareholder Hero MotoCorp, do not give separate results for their electric vehicle sales. Strong demand for the 'Rizta' helped Ather's fourth-quarter revenue increase 29%. The company hopes the 'Rizta' and other launches will help it expand in north and west India, and is backing its R&D prowess to cut production costs. This, said Mehta, has already helped Ather cut full-year unit costs by nearly 20%, leading to adjusted gross margin, including government subsidies, doubling to 19%. Ather's earnings margin before interest, taxes, depreciation and amortisation (EBITDA) margin improved to negative 23% from about negative 36%.
