Consumer appliances brand Atomberg's revenue jumped by 86.4% to Rs 645 crore, indicating rapid expansion.
With growth, the company's spending also rose, particularly the cost of materials which went up by 62.5% to Rs 390 crore.
The loss is partly due to investments made for scaling the business. There was a significant investment in the workforce, with employee benefit costs growing by 3.4 times.
Atomberg sells various consumer appliance products, including brushless direct current electric motors (BLDC) and smart fans, mixer grinders and smart locks with leadership in BLDC fans.
Significant funds were allocated to advertising, promotion, and expanding market presence.
The company's operational expenses has been more than doubled, reaching Rs 787 crore in FY23.
Another thing is that costs related to warranty claims, commissions on sales, and logistics also contributed to the financial outlay.
The financial strategy to drive revenue growth has led to these increased losses, as the company is likely investing in its future growth.