New Delhi, April 3 (IANS) Electronic waste recycling startup Attero reported a 31 per cent decline in net profit in FY24 due to its rising expenses, according to the company’s latest financials.

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).

--IANS

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