Ola Electric Mobility, which recently made its stock market debut, has reported a net loss of Rs 347 crore for the quarter ending June 30, 2024. This marks a 30% increase in losses compared to the same period last year. However, the company saw its revenue from operations rise by 32% to Rs 1,644 crore, up from Rs 1,243 crore in Q1 FY24.
Key Highlights:
- Net Loss: Rs 347 crore, widened by 30% year-on-year.
- Revenue Growth: 32% increase to Rs 1,644 crore.
- Quarterly Comparison: Net losses decreased by 16% compared to the March quarter, where the firm reported a loss of Rs 416 crore.
- EBITDA Loss: Rs 205 crore, down from Rs 218 crore in Q1 FY24.
- Adjusted Gross Margin: Rs 377 crore, representing 21.94% of revenue, an improvement from 13.21% in the same quarter last year.
Operational Milestones:
- Vehicle Deliveries: The company achieved its highest-ever quarterly revenue and delivered 1,25,198 units, compared to 70,575 units delivered in the same period last year.
- Total Expenses: Increased by 26.5% to Rs 1,849 crore, with material costs at Rs 1,311 crore and employee benefits at Rs 123 crore.
Future Plans:
- Cell Integration: Ola Electric plans to integrate its own cells into its vehicles by Q1 FY26.
- Motorcycle Launch: The company will launch its EV motorcycles on August 15, targeting both mass market and premium segments, which make up 65% of the overall two-wheeler market.
Stock Performance:
- Share Price: On August 14, Ola Electric’s shares closed 2.6% higher at Rs 111 per share on the BSE.
TOPICS:
OLA electric