Ola Electric Q1 Results: Loss Widens To Rs 347 Crore, Revenue Rises 32%
Ola Electric Mobility Ltd. showed growth in its maiden quarterly results as a listed company, even as loss widened from a year earlier.
Net loss of India's largest electric two-wheeler maker expanded to Rs 347 crore in the three months ended June 30, 2024, from loss of Rs 267 crore in the year-ago period, according to an exchange filing on Wednesday. Revenue rose 32% year-on-year to Rs 1,644 crore.
Ola Electric Q1 Results: Highlights (Consolidated, YoY)
Revenue up 32.3% at Rs 1,644 crore versus Rs 1,243 crore.
Ebitda loss at Rs 205 crore versus loss of Rs 218 crore.
Net loss at Rs 347 crore versus loss of Rs 267 crore.
While profitability, clearly, is some time away, Ola Electric claimed that its automotive business has inched closer to breakeven with an Ebitda margin of 1.97% for the quarter.
The company also claimed to have clocked highest ever quarterly revenue in April-June 2024, on the back of highest ever deliveries—1,25,198 units as against 70,575 units delivered in the same period last year.
On Aug. 9 2024, Ola Electric debuted on the National Stock Exchange of India, after its initial public offering that was subscribed more than 4.5 times. The listing was on a par, but the stock has, since then, run up about 71% in four trading sessions.
In the financial year ended March 2024, revenue rose 90.42% year-on-year to Rs 5,009.8 crore even as its net loss widened to Rs 1,584.4 crore from Rs 1,472 crore a year earlier.
On Wednesday, Ola Electric shares rose 2.38% to Rs 110.64 apiece on the BSE even as the benchmark Sensex ended the day 0.19% higher at 79,105.88 points. The quarterly results were declared after market hours.
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