Ola Electric Q1 Results: Company Records a Net Loss of ₹347 Crore

Ola Electric Mobility reported a net loss of ₹347 crore for the quarter ending June 30, 2024, reflecting a year-on-year increase of approximately 30%. Ola Electric's consolidated revenue from operations grew by 32%, reaching ₹1,644 crore compared to ₹1,243 crore in Q1FY24. The company's total expenses rose by 26.5% to ₹1,849 crore, with material costs accounting for ₹1,311 crore.

Ola Electric Q1 Results Highlights

Ola Electric Mobility, which recently made its debut on the stock market, reported a net loss of ₹347 crore for the quarter ending June 30, 2024, reflecting a year-on-year increase of approximately 30%.

On August 14, Ola Electric share price closed 2.6% higher on the BSE, reaching ₹111 per share.

According to the company's filings on the BSE on August 14, Ola Electric's consolidated revenue from operations grew by 32%, reaching ₹1,644 crore compared to ₹1,243 crore in Q1FY24. The company's net losses have decreased by 16% on a quarterly basis, with a net loss of ₹416 crore reported in the March quarter.

In a media statement, the company highlighted that it achieved its highest-ever quarterly revenue during the quarter ending June 30, 2024. The quarter also saw record vehicle deliveries, with 1,25,198 units delivered, up from 70,575 units in the same period last year.

The Bhavish Aggarwal-led company's EBITDA loss stood at ₹205 crore in Q1FY25, down from ₹218 crore in Q1FY24.

For the quarter ending June 30, 2024, Ola Electric recorded an adjusted gross margin of ₹377 crore, representing 21.94% of revenue, an improvement of 873 basis points from 13.21% in the same quarter last year.

The company's total expenses rose by 26.5% to ₹1,849 crore, with material costs accounting for ₹1,311 crore. Employee benefits expenses, including salaries and ESOP costs, totaled ₹123 crore.

Additionally, the company announced plans to integrate its own cells into its vehicles by Q1 of FY26.

About Ola Electric

The company specializes in developing electric scooters, incorporating features such as drive modes, keyless unlock, cruise control, proximity unlock, and more. Customers can conveniently order their electric scooters directly through the company's website. Additionally, the company offers a range of accessories and merchandise to complement their products.