SUMMARY
- Ola Electric’s combined net loss increased by 30% to Rs 347 crore in Q1 FY25 compared to Rs 267 crore in Q1 FY24, but dropped 17% QoQ from Rs 416 crore in Q4 FY24.
- During the quarter under review, operating revenue rose by 32% to Rs 1,644 crore, an increase from Rs 1,243 crore in the same quarter of the previous year.
- The company reported its highest-ever vehicle deliveries in the quarter, selling 1.25 lakh units, a significant increase from the 70,575 units sold in the same period the previous year.
Ola Electric’s combined net loss increased by 30% to Rs 347 crore in Q1 FY25 compared to Rs 267 crore in Q1 FY24. However, the newly listed startup saw its loss fall by nearly 17% from Rs 416 crore in the March quarter of the previous fiscal year.
During the quarter under review, operating revenue rose by 32% to Rs 1,644 crore, an increase from Rs 1,243 crore in the same quarter of the previous year. Sequentially, revenue from operations grew by nearly 3%, from Rs 1,598 crore in Q4 FY24. The significant increase in earnings was largely attributed to the sales of its electric scooters.
The company reported its highest-ever vehicle deliveries in the quarter, selling 1.25 lakh units, a significant increase from the 70,575 units sold in the same period the previous year.
In the automotive segment, revenue stood at Rs 1,644 crore, with the segment’s EBITDA margin showing an improvement of 632 basis points to -1.97%, up from -8.29% in Q1 FY24.
The company generated Rs 4 crore in revenue from its cell business, marking a significant increase from the previous quarter’s Rs 3 crore. Ola Electric announced plans to integrate its cells into its own vehicles by the first quarter of fiscal year 2026.
Total expenses, which included finance costs and depreciation and amortization expenses, surged by 32% to Rs 2,042 crore in Q1 FY25 from Rs 1,544 crore in the same period last year. However, these expenses decreased slightly by over 2% from Rs 2,087 crore in Q4 FY24.
The cost of materials remained the startup’s primary expense, with spending increasing by 17% to Rs 1,311 crore in the quarter under review, compared to Rs 1,114 crore in the year-ago quarter. On a QoQ basis, this expense decreased by 1.1%.
Employee benefit expenses rose to Rs 123 crore during the quarter, marking an increase of about 9% QoQ and 31% YoY.
Additionally, the EV startup faced a significant loss of Rs 23 crore in the June quarter of the current fiscal year due to the reversal of production linked incentives received in the previous fiscal year.
The SoftBank-backed company is currently in the process of constructing its gigafactory, “Futurefactory,” in Krishnagiri, Tamil Nadu, to enhance battery production. Aggarwal stated that the Phase 1(a) of the gigafactory has been completed, and production of cells has commenced. He also mentioned that the company received BIS Certification in May 2024.
Ola Electric made its debut on the stock exchanges last week, listing at the issue price of Rs 76. The stock quickly surpassed the 20% upper circuit in its initial two trading sessions. On Wednesday, the company’s shares ended the day 2.4% higher at Rs 110.64 on the BSE. This announcement was made after market hours.
The firm also announced that it plans to introduce its lineup of electric motorcycles across both the mass market and high-end segments at its main event on Thursday, August 15.
