Automotive tech company Nexzu Mobility’s revenue dropped 66% to Rs 72.4 lakhs in FY23 of which it saw over Rs 71 lakhs coming in from operations. Perviously in FY22, the company had generated a revenue of Rs 2.1 crore.
Founded by Vinod Mittal, Nexzu Mobility is a manufacturer of electric two-wheelers. The company has developed electric scooters and electric bicycles under different brand names such as Rompus+, Rompus, Dextro + and Dextro. It additionally offers warranty and other services along with providing finance options.
The Pune headquartered company’s expenses dropped to Rs 4.16 crore, a 66% drop from FY22. It spent close to Rs 2 crore on employee benefits, over Rs 75 lakhs on materials, and more than Rs 28 lakhs on finance costs.
The decade old company’s losses shrunk 15% to Rs 3.4 crore from the previous fiscal’s Rs 4 crore. The same year saw its EBITDA margin and ROCE at -419.58% and -101.14% respectively.