Attero: Pioneering Electronic Waste Recycling with 54% Growth in FY24

Attero, a leading electronic waste recycling startup, has achieved a 54% growth year-on-year in FY24, bringing its revenue close to the impressive Rs 450 crore mark. However, the company has faced challenges as its net profit experienced a decrease of 30% during the same fiscal year.

According to the consolidated financial statement sourced from the Registrar of Companies, Attero’s revenue from operations rose by 54% to Rs 446 crore in FY24, up from Rs 289 crore in FY23.

Attero is committed to environmental sustainability, providing innovative recycling and upcycling services specifically for electronic waste and biowaste. The company employs patented technology to recycle e-waste, which includes dismantling electronic devices and extracting precious metals from them, as well as from lithium-ion batteries.

The majority of Attero’s revenue, about 75% amounting to Rs 333 crore, comes from the sale of recycled products such as metals and battery-grade materials. The remainder of the income is generated from services offered, including e-waste recycling, lithium-ion battery processing, Extended Producer Responsibility (EPR) compliance, secure data destruction, and comprehensive waste management solutions.

Financial Overview of Attero

For Attero, the procurement cost of materials constituted 85% of its total expenses, which surged by 63.5% to Rs 363 crore in FY24. Employee benefit expenses also increased by 16.7% to Rs 14 crore, while legal charges saw a significant rise of 66.7% to Rs 10 crore. Additional overheads, encompassing manpower and general expenses, reached Rs 31 crore.

In total, the company’s expenditure escalated by 51.6%, amounting to Rs 426 crore in FY24 compared to Rs 281 crore in FY23. For a complete breakdown of expenses, various sources can be consulted.

Despite the considerable revenue growth, the significant uptick in procurement costs adversely affected profitability. Attero’s profit margin contracted, resulting in a net profit decline of 31% to Rs 14.5 crore in FY24, down from Rs 21 crore in FY23.

Key Financial Metrics

Attero’s Return on Capital Employed (ROCE) and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin were recorded at 19.32% and 8.41%, respectively. On a unit level, the firm spent Rs 0.96 to generate a single rupee of revenue during FY24. The Roorkee-based company reported total current assets of Rs 232 crore in FY24, which includes Rs 12 crore in cash and bank balances.

Investment and Stakeholders

Attero has successfully raised a total funding of $31 million to date. Among its principal investors are NEA-Indo US Venture, holding a 34.74% stake, DFJ Mauritius with 23.54%, and GHIOF possessing 9.47%. The co-founder and CEO, Nitin Gupta, maintains a 9.19% ownership in the company.