Ola Electric's Losses Widen to Rs 347 Cr in Q1 FY24

Mumbai, Aug 14 (PTI) Ola Electric Mobility on Wednesday reported a higher consolidated loss of Rs 347 crore for the April-June quarter compared to the year-ago period.

The company's losses in the April-June period of 2023 were Rs 267 crore, according to an exchange filing.

Revenue from operations for the quarter under review was Rs 1,644 crore against Rs 1,243 crore in the same quarter of the previous fiscal, according to the filing.

The Bengaluru-based firm said its total expenses during the first quarter grew to Rs 1,849 crore compared with Rs 1,461 crore in the June quarter of FY24.

The company made its market debut earlier this month.

The company in a statement said its automotive segment (E2W) posted a strong improvement in EBITDA (earnings before interest, tax, depreciation and amortization) margin and is close to EBITDA breakeven.

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, Ola Electric Mobility said.

The company also said it ramped up deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate the growth, adding that the existing product portfolio also saw strong demand which continued growth momentum throughout the quarter.

According to Ola, the increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimization.

These benefits of scale are further amplified by the company's scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products, it said.

The company also announced on Wednesday the integration of its cells in its vehicles by the first quarter of next fiscal.

Ola said it will launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024.