BUSINESS-ECONOMY
The company's EBITDA loss improved slightly, standing at Rs 205 crore in Q1FY25, compared to Rs 218 crore in the same quarter last year. Despite the increased losses, Ola Electric posted an adjusted gross margin of Rs 377 crore, representing 21.94 per cent of revenue, a significant improvement from last year's 13.21 per cent. Ola Electric, which recently made its stock market debut, reported a net loss of Rs 347 crore for the quarter ending June 30, 2024, marking a 30 per cent increase from the same period last year. However, the company's revenue from operations rose by 32 per cent year-on-year to Rs 1,644 crore, reflecting its highest-ever quarterly revenue. This growth was driven by a 57 per cent increase in vehicle deliveries, with 1,25,198 units sold compared to 70,575 in the previous year. The company's EBITDA loss improved slightly, standing at Rs 205 crore in Q1FY25, compared to Rs 218 crore in the same quarter last year. Despite the increased losses, Ola Electric posted an adjusted gross margin of Rs 377 crore, representing 21.94 per cent of revenue, a significant improvement from last year's 13.21 per cent. Ola Electric's total expenses rose by 26.5 per cent to Rs 1,849 crore, with material costs accounting for Rs 1,311 crore. Employee benefits, including salaries and ESOP costs, amounted to Rs 123 crore. Additionally, the company reported a one-time expense of Rs 23 crore related to the reversal of the Production Linked Incentive (PLI) scheme to the government. 'The company has registered its highest ever quarterly revenue during the quarter ended June 30 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 company stated in a press release. Looking ahead, Ola Electric plans to integrate its own battery cells into its vehicles by Q1 FY26, aiming to enhance profitability. The company is also set to launch its first EV motorcycles on August 15, targeting both mass-market and premium segments. On August 14, Ola Electric's shares closed 2.6 per cent higher at Rs 111 apiece on the BSE, reflecting investor confidence in the company's future growth potential. A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
What’s New
Spotlight
Advertisement
Featured News
Latest From This Week
Popular News
