Ola sees FY23 loss narrow by 65% to Rs 1,082 crore
ANI Technologies, the parent firm of ride-hailing major Ola Cabs, saw its standalone loss narrow by 65% to Rs 1,082 crore in the fiscal year ended March 31, 2023.
The firm had incurred a loss of Rs 3,082 crore in FY22 on a standalone basis, according to partial data shared on the company’s website. Sales for FY23 grew to Rs 1,988 crore, against Rs 1,220 crore a year earlier.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Senior Management ProgrammeVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIn comparison, rival Uber India reported a loss of Rs 311 crore in FY23, wider than the Rs 197 crore it incurred in FY22. The firm’s operating revenue, however, grew 54% to Rs 2,666 crore in FY23.
Besides ride hailing, ANI Technologies also houses Ola’s subsidiaries including Ola Financial, Ola Fleet and Ola Stores. On a consolidated basis, the firm reported Rs 772 crore in loss, while sales income came up to Rs 2,799 crore.
Ola’s food delivery entity Pisces eServices reported a loss of Rs 106 crore in FY23, a drop from the previous fiscal's Rs 504 crore. However, the unit’s sales income dropped significantly to Rs 1 crore in FY23, compared to Rs 114 crore a year earlier. In May 2022, ET had reported on Ola sharply scaling down its food delivery business.
The firm’s cab leasing unit Ola Fleet Technologies reported a 17% narrower loss of Rs 387 crore, while its grocery unit Ola Stores Technologies also saw its loss decrease to Rs 81 crore in FY23, compared to Rs 150 crore a year ago.
On September 1, ET reported that Ola had joined the
