DBT Bureau
Bengaluru, 14 August 2024
Ola Electric Mobility, whose stocks got listed in the stock market last week, on Wednesday said the company posted a net loss of Rs 347 crore in the first quarter ended June, 2024. The loss in Q1FY25 widened by around 30% year-on-year basis.
The firm’s consolidated revenue from operations rose 32% to Rs 1,644 crore over the same period of last fiscal year. 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 press release.
“The company 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,” the company added.
The Bhavish Aggarwal-led company’s EBITDA loss was at Rs 205 crore during the first quarter as compared to Rs 218 crore reported a year ago. The Adjusted Gross Margin stood at 21.94%, up 8.73% YoY from 13.21 percent reported in the same quarter last year.
The company also announced the integration of its cells in its own vehicles by Q1 of next financial year. The company will also launch its much awaited electric motorcycle portfolio across mass and premium segments on Thursday (August 15, 2024).
“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.
