Ola Electric's Q1 loss increases 30% YoY to ₹347 crore
Ola Electric has reported a consolidated net loss of ₹347 crore for the first quarter (Q1) ending June 30, 2024. This figure marks an increase from the ₹267 crore loss recorded during the same period last year, translating to an increase of nearly 30% in Q1 FY25. Despite this financial setback, the company's revenue from operations experienced a significant boost during this quarter.
Revenue from operations sees a substantial rise
Ola Electric's revenue from operations for Q1 stood at ₹1,644 crore, marking a substantial increase of 32.3% from the ₹1,243 crore reported in the corresponding quarter of the previous financial year. The revenue also saw a modest jump of 3% on quarter-on-quarter basis over ₹1,598 crore in Q4FY24. On a sequential basis, the company's net loss has narrowed down from ₹416 crore reported in January-March quarter.
Increased expenses contribute to higher losses
The increase in losses for the reported quarter was primarily due to a rise in expenses on a year-on-year basis. Ola Electric incurred expenses of ₹1,849 crore in Q1FY25, up from ₹1,461 crore during the same period last year. This represents a significant 27% YoY jump in the company's total expenses.
Ola Electric's 'Cell' division reports revenue
Ola Electric's 'Cell' division, one of its many subsidiaries, reported a consolidated revenue of ₹4 crore. This figure shows an increase from the ₹3 crore revenue reported in the previous quarter. The company is known for its diverse portfolio that includes 10 other subsidiaries such as Ola Electric Technologies Private Limited and Ola Cell Technologies Private Limited. The company's stock has gained over 70% in the past few sessions since listing and closed at ₹110.99 (up 2.6%) on NSE today.
