Ola Electric Q1 results: Net loss widens to Rs 347 crore
Ola Electric Mobility, which made its stock market debut last week, announced that its net loss for the quarter ended June 30, 2024 was Rs 347 crore, which widened by around 30 percent year-on-year .
The firm’s consolidated revenue from operations rose 32 percent to Rs 1,644 crore as against Rs 1,243 crore in Q1FY24, showed the company’s filings on BSE on August 14. On a quarterly basis the company’s net losses have come down by 16 percent. In March quarter, the firm reported a net loss of Rs 416 crores.
“The company has registered its highest ever quarterly revenue during the quarter ended 30th June 2024.
The quarter witnessed the highest ever deliveries of vehicles by the Company at 1,25,198 units as against 70,575 units delivered in the same period last year,” the firm said in a media statement.
The Bhavish Aggarwal-led company’s EBITDA loss was at Rs 205 crore in Q1FY25 as compared to Rs 218 crore in Q1FY24.
Ola Electric posted an adjusted gross margin of Rs 377 crore for the quarter ended 30th June 2024. The
Adjusted Gross Margin stood at 21.94 percent of Revenue, up 873 bps YoY from 13.21 percent for the same quarter last year
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Ola Electric’s total expenses went up by 26.5 percent to Rs 1,849 crores. Out of the total expenses, the cost of materials consumed amount for Rs 1,311 crores. The firm’s employee benefits expense, which includes salaries and ESOP costs amounted for Rs 123 crores.
During the June quarter, the company has also reported an exception item of Rs 23 crores which is part of the reversal of PLI to the government.
The company today announced the integration of its cells in its own vehicles by Q1 of FY26.
On August 14, Ola Electric’s shares on BSE closed 2.6 percent higher at Rs 111 apiece.
The firm will be launching its EV motorcycles on August 15 across mass market and premium segments.
“We will be expanding our portfolio to motorcycles, which form 65% of the overall 2W market. We will be launching motorcycles across mass and premium segments on Aug 15th,” the firm said in its investor presentation