Attero, a Noida-based cleantech firm, reported a marked expansion in operating revenue for FY25 as rising demand for organised e-waste recycling and recovered battery metals fuel its growth. While topline expansion was robust, margin pressure from higher operating costs kept net profit growth negligible.
Revenue doubles on core recycling and battery processing
Attero’s revenue from operations rose to ₹961 crore in FY25 from ₹446 crore in FY24, a 2.2x year-on-year increase driven primarily by its e-waste recycling and lithium‑ion battery processing businesses. The company’s scale-up reflects stronger collection networks, larger processing volumes and increased commercial traction for secondary materials.
A significant portion of income came from the sale of recovered metals such as lithium, cobalt and nickel—materials in rising demand from electronics manufacturers and the electric vehicle (EV) supply chain. In addition to commodity sales, Attero earns fees from services including extended producer responsibility (EPR) compliance, secure data destruction and comprehensive waste-management solutions for corporates and manufacturers.
Margins under strain as expenses climb
Despite the sharp revenue gain, profit after tax (PAT) remained largely unchanged at about ₹14.6 crore in FY25, indicating limited conversion of higher sales into net profit. Total expenses increased to ₹936 crore, nearly matching the revenue rise and exerting pressure on operating margins.
Raw material costs constituted the bulk of expenditure—around 89% of total costs—reflecting the commodity-heavy nature of recycling operations. Employee benefit expenses and other operational costs also rose as the company expanded processing capacity and logistics capabilities. On a per‑unit basis, Attero spent roughly ₹0.97 to earn every ₹1 of revenue, underscoring the tight profitability profile despite scale gains.
Outlook: favourable demand but focus needed on cost control
Attero is investing in advanced recycling technologies and infrastructure to improve recovery rates and broaden its processing footprint, positioning itself within India’s growing circular-economy ecosystem. Regulatory compliance requirements and greater corporate focus on sustainability are likely to strengthen demand for organised e-waste management services.
Longer term, accelerating adoption of electric vehicles and continued growth in consumer electronics should lift demand for recycled battery materials, presenting structural opportunities for recyclers. However, converting higher volumes into sustained profit growth will depend on tighter control of raw-material and operational costs, improved process efficiencies and higher-value product recovery.
