Ola Electric Reports Rs 347 Crore Loss In April-June Quarter, Revenue Up 32 Pc
Date
8/14/2024 7:30:12 AM
(MENAFN- IANS) Bengaluru, Aug 14 (IANS) Ola Electric Mobility on Wednesday reported loss at Rs 347 crore for the April-June quarter, compared to Rs 267 crore in the same period last fiscal.
The Bhavish Aggarwal-led company, which is now a listed firm, saw its consolidated revenue from operations jump 32 per cent to Rs 1,644 crore in Q1 FY25, compared to Rs 1,243 crore in the same period last fiscal.
Ola Electric's shares closed 2.6 per cent higher at Rs 111 apiece on Wednesday.
The company delivered 1,25,198 vehicles in the quarter as against 70,575 units in the same period last year. It ramped up deliveries of its mass market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth.
The existing product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand which continued growth momentum throughout the quarter, said Ola Electric in a statement.
The automotive segment inched closer to breakeven with an EBITDA margin of 1.97 per cent for the quarter.
Ola Electric has announced the integration of its cells in its own vehicles Q1 FY26, and is set to launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15.
For Q1 FY25, the company posted adjusted gross margin of Rs 377 crore for the quarter ended June 30. The adjusted gross margin stood at 21.94 per cent of revenue, up 873 bps YoY from 13.21 per cent for the same quarter last year.
“The increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimisations,” Ola Electric said.
These benefits of scale are further amplified by the company's scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products, it added.
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