Key Points
Company revenue surged 54% to Rs 446 crore
Net profit declined 31% to Rs 14.5 crore
Procurement costs rose significantly impacting margins
E-waste recycling startup maintains growth trajectory
The firm’s net profit fell from Rs 21 crore in FY23 to Rs 14.5 crore in FY24 due to increased costs, particularly procurement expenses, which weighed heavily on profitability.
Attero’s expenses surged in FY24, with procurement costs making up 85 per cent of total spending. The cost of materials rose by 63.5 per cent to Rs 363 crore.
Employee expenses increased by 16.7 per cent to Rs 14 crore, while legal charges saw a sharp jump of 66.7 per cent to Rs 10 crore.
Other overhead costs, including manpower and general expenses, stood at Rs 31 crore. Overall, total expenditure rose by 51.6 per cent to Rs 426 crore in FY24 from Rs 281 crore in FY23.
The company’s return on capital employed (ROCE) was recorded at 19.32 per cent, while its EBITDA margin stood at 8.41 per cent.
Attero spent Rs 0.96 to earn every rupee during the fiscal year. However, the company saw its revenue grow by 54 per cent year-on-year (YoY).
In a statement, Nitin Gupta, CEO and Co-founder, Attero, said that the company has achieved remarkable growth of 125 per cent from FY24 to FY25, surpassing the Rs 1,000 crore mark in revenue while also improving its profitability margins.
According to its financial statement, Attero’s revenue from operations rose to Rs 446 crore in FY24, up from Rs 289 crore in the last fiscal.
The company, which specialises in recycling e-waste and lithium-ion batteries using patented technology, generates most of its income from selling recycled metals and battery-grade materials.
In FY24, product sales contributed Rs 333 crore, accounting for 75 per cent of total revenue, while the remaining income came from services such as e-waste recycling, lithium-ion battery processing, and secure data destruction.
Attero, headquartered in Roorkee, has raised a total of $31 million to date, as per reports. Its lead investors include NEA-Indo US Venture (34.74 per cent), DFJ Mauritius (23.54 per cent), and GHIOF (9.47 per cent).
Comments:
Interesting read! The revenue growth is impressive despite the profit dip. Shows they're investing in scaling up. Hope the margins improve next year! 👍
E-waste recycling is so crucial for our environment. Even with the financial challenges, I'm glad companies like Attero are pushing forward with this important work.
The 31% profit decline is concerning. While revenue growth is good, they need to control procurement costs better. 85% of spending going to procurement seems unusually high - wonder if there are supply chain inefficiencies?
That 125% growth projection for FY25 is ambitious! If they can pull that off while improving margins, it would be an amazing turnaround story. Rooting for them! 🚀
The environmental impact of their work is worth more than just the financial numbers. Recycling lithium-ion batteries is technically challenging and so important for sustainability. Hope they get more support!
