Sun Mobility’s losses widen in FY22; revenue up by 55%

Electric vehicle energy infrastructure firm Sun Mobility reported a loss of Rs 18.77 crore for the financial year ended March 2022, compared with a loss of Rs 15.53 crore a year ago. 

Its total revenue from operations stood at Rs 60.56 crore, up 55.13% from Rs 39.04 crore in FY21. Its expenses grew 67.65% at Rs 82.55 crore, from Rs 55.85 crore in the previous fiscal. 

The company reported its cost of materials was at Rs 11.58 crore, higher by 43.47%, against Rs 5.03 crore in FY21. Its employee benefits expense rose by 20% at Rs 39.18 crore when compared with Rs 30.10 crore in the previous fiscal.

At a recent roundtable held by Sun Mobility, it said that it has started testing automated swapping solutions for buses and trucks. It also has plans of setting up swapping stations, which cost a few crore rupees, and has conducted a pilot programme in Ahmedabad with Ashok Leyland. The company is also prototyping the battery assembly line.

The company mentioned that battery charging subscriptions for buses/trucks would be around 20% less than diesel/petrol. 

SUN Mobility has started to sell bus battery packs and has reported a sale of Rs 145.28 lakh in FY22. Its wheeler battery sale was at Rs 13.63 crore, up from Rs 4.45 crore in FY21.

It currently has 182 charging stations and expects this number to increase to 500 by FY23.

(With inputs from Aparajita Saxena)