Ola Electric Reports Increased Quarterly Loss Amid Rising Revenues and Expanded Product Lines

Ola Electric Mobility reported a larger consolidated loss of Rs 347 crore for Q1 2024-25, up from Rs 267 crore the previous year. Revenue grew to Rs 1,644 crore, driven by record deliveries. The company aims to launch mass and premium electric motorcycles and is seeing increased EV penetration in tier-II and III markets.

Ola Electric Mobility announced a consolidated loss of Rs 347 crore for Q1 FY 2024-25, a rise from Rs 267 crore in the same period last year, as reported on Wednesday. The company's revenue from operations jumped to Rs 1,644 crore from Rs 1,243 crore in the year-ago quarter, according to an exchange filing.

Despite higher expenses, which climbed to Rs 1,849 crore, Ola Electric's EBITDA margin improved significantly, nearing breakeven. The two-wheeler manufacturer achieved its highest-ever vehicle deliveries, totaling 1,25,198 units, and captured a market share of 49 percent, boosting profitability.

Chairman and CEO Bhavish Aggarwal announced the upcoming launch of an electric motorcycle portfolio across mass and premium segments on August 15, 2024. Additional plans include integrating company-manufactured cells in vehicles and further optimizing manufacturing costs, as part of a strategy to enhance gross margins and EV penetration, particularly in tier-II and III markets.

(With inputs from agencies.)