Ola Electric Reports Rs 347 Cr Loss In Q1 Amid Revenue Surge

Ola Electric, which recently debuted on the stock market, reported a net loss of Rs 347 crore for the quarter ending June 30, 2024, marking a 30 per cent year-on-year increase, according to media reports. However, its revenue from operations rose by 32 per cent to Rs 1,644 crore, compared to Rs 1,243 crore in Q1FY24, as per media reports.

Despite this, the company reduced its quarterly net losses by 16 per cent, down from Rs 416 crore in the March quarter, according to media reports. "The company has registered its highest-ever quarterly revenue," said Ola in a media statement, noting deliveries of 1,25,198 units, a significant increase from 70,575 in the same period last year, as per media reports.

Ola Electric’s EBITDA loss stood at Rs 205 crore, with an adjusted gross margin of Rs 377 crore, representing 21.94 per cent of revenue, up from 13.21 per cent the previous year, according to media reports. Total expenses rose 26.5 per cent, driven by higher material costs and employee benefits, as per media reports.

The company plans to integrate its cells into vehicles by Q1 FY26 and is launching EV motorcycles across mass and premium segments on August 15, according to media reports.