Ola Electric Mobility Limited has announced its financial results for the quarter ended September 30, 2024. The company posted significant growth in revenue, along with a reduction in its net loss on a quarter-over-quarter basis, showcasing strides towards improving its financial health.
Key Highlights:
Revenue: Ola Electric reported revenue from operations of ₹1,214 crore for Q2 FY25, up 39% from ₹873 crore in the same quarter last year. However, revenue declined from ₹1,644 crore in the preceding quarter (Q1 FY25), reflecting a sequential drop.
Net Loss: The company recorded a net loss of ₹495 crore for Q2 FY25, narrowing from a net loss of ₹524 crore in the same quarter last year. This also marks an improvement from a loss of ₹842 crore in the previous quarter (Q1 FY25), indicating better cost management and operational efficiency.
Gross Margin Growth: Gross margin stood at 20.3% for Q2 FY25, showcasing an increase of 12.0 percentage points YoY, driven by cost efficiencies and strategic pricing.
Significant Rise in Deliveries: Ola Electric delivered 98,619 units during the quarter, representing a substantial 73.6% YoY growth, underscoring the company’s increased production and distribution capabilities.
Controlled Operating Expenses: Operating expenses saw a marginal 1% decrease QoQ, reflecting Ola’s commitment to maintaining steady operational costs amidst growth.
Future Product Developments: The company’s new Gen 3 platform, announced in August, is progressing ahead of schedule. The S1 Gen 3 models are expected to be delivered starting January 2025. Ola anticipates a 20 percentage-point improvement in margins over the next year as the Gen 3 platform optimizes cost efficiencies.
