Ola Electric Q1 Results: Cons loss widens to Rs 347 crore YoY, revenue jumps 32%

economictimes.indiatimes.com:

Ola Electric Mobility on Wednesday reported a consolidated net loss of Rs 347 crore for the quarter ended June 30, 2024, which was up from Rs 267 crore reported by the EV two-wheeler maker in the year-ago period.
The revenue from operations for the quarter stood at Rs 1,644 crore, which was up by 32.3% from Rs 1,243 crore reported in the corresponding quarter of the previous financial year.

However, on a sequential basis, the net loss narrowed from Rs 416 crore reported by the company in the January-March quarter.

The revenue jumped 3% on the quarter-on-quarter basis over Rs 1,598 crore in Q4FY24.

Losses were higher in the reported quarter on account of higher expenses on a YoY basis. The company incurred expenses at Rs 1,849 crore in Q1FY25 versus Rs 1,461 crore in the corresponding quarter of the previous financial year. This was a 27% YoY jump in the company's total expenses.

The company also has a 'Cell' division which reported a consolidated revenue of Rs 4 crore. It had reported a revenue of Rs 3 crore in the previous quarter.

Ola Electric Mobility is the holding company and has 10 other subsidiaries including Ola Electric Technologies Private Limited, Ola Cell Technologies Private Limited, Ola Elctric Private Charging Limited.