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TVS Motor Company-backed e-motorcycle company Ultraviolette Automotive Pvt Ltd has reported a widening loss for the financial year 2021-22 on the back of rising expenses.

Loss for the year, after tax, was Rs 1.81 crore for the financial year ended March 31, 2022, compared to a loss of Rs 1.34 crore in the previous year. Revenue jumped 2.3X to Rs 1.73 crore during the period, but it was eclipsed by an 80% rise in expenses.

Employee benefits were Ultraviolette’s most significant cost contributor, according to the company’s filings with the Ministry of Corporate Affairs. The company spent Rs 1.70 crore on employee benefits, compared to Rs 45.6 lakh in the same period a year earlier.