NEW DELHI: After making a blockbuster entry into the Indian capital market, Ola Electric on Wednesday reported a higher first-quarter loss in the ongoing financial year (Q1FY25). The company said that its consolidated net loss widened to Rs 347 crore in Q1FY25 from Rs 267 crore in the year-ago quarter.
Ola Electric’s revenue grew by 34.32% to Rs 1,718 crore for the quarter ended 30th June 2024, up from Rs 1,279 crore for the quarter ended 30th June 2023. This is Ola Electric’s highest ever quarterly revenue.
Q1 also 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 said it ramped up deliveries of its mass market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth. The existing product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand.
The automaker said that its automotive segment (E2W) posted a strong improvement in EBITDA margin and is close to EBITDA breakeven.
Automotive segment EBITDA margin for the quarter was (-)1.97%, up 632 bps YoY from (-)8.29% EBITDA margin for the quarter ended 30th June 2023.
“The increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimisations. 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,” said Ola Electric in a statement.