New Delhi, April 4 (IANS) Electronic Waste Recycling Startup Eteroo has fallen by 31 percent in FY 24. The reason for this is the increase in the company’s expenses.
The company’s net profit declined from Rs 21 crore in FY 23 to Rs 14.5 crore in FY 24. The reason for this is to increase the material cost of the company.
In FY 2024, the material cost was 85 percent in the total expenditure of Atero. This has increased by 63.5 percent to Rs 363 crore in FY 24.
In FY 2024, Etero’s employee spending increased by 16.7 percent to Rs 14 crore, while the legal fee expenditure increased by 66.7 percent to Rs 10 crore.
Other costs including manpower and general expenditure stood at Rs 31 crore. The total expenditure of Atero, including all these, increased by 51.6 percent to Rs 426 crore on an annual basis in FY 24, which was Rs 281 crore in FY 23.
The company’s ROCE was 19.32 percent in FY 24, while its EBITDA margin was 8.41 percent.
During FY 24, Etero spent Rs 0.96 to earn one rupee.
In FY 24, the company’s income has seen an increase of 54 percent on an annual basis.
Atero CEO and co-founder Nitin Gupta said that the company has achieved a strong growth rate of 125 percent between financial year 24 to FY 25 and has crossed the company’s income of Rs 1,000 crore.
According to the company’s financial description, Atero’s operational income increased to Rs 446 crore in FY 24, which was Rs 289 crore in FY 23.
The company, which specializes in recycling e-waste and lithium-ion batteries using patent technology, earns most of its income by selling metals and battery-grade materials.
In FY 24, 75 percent of the company’s total revenue came from sales, while the remaining income came from services such as e-waste recycling, lithium-ion battery processing and secure data dispens.
According to reports, Atero, headquarters in Roorkee, has so far raised a total of 31 million dollars. Its major investors include NEA-Endo US Venture (34.74 percent), DFJ Mauritius (23.54 percent) and GHIOF (9.47 percent).
-IANS
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