Ola Electric's Q2 loss narrows to ₹495cr on higher sales
What's the story
Ola Electric has reported a reduced net loss for the second quarter, which ended in September.
The company's consolidated loss stood at ₹495 crore, down from ₹524 crore in the previous year.
The improvement comes on the back of increased sales and reduced raw material costs.
The Bengaluru-based electric vehicle (EV) manufacturer also posted a consolidated revenue of ₹1,214 crore during the period.
Revenue growth
Ola Electric's revenue surges by 39% YoY
Ola Electric's consolidated revenue of ₹1,214 crore for the second quarter marks a whopping 39% year-on-year (YoY) growth.
The company had posted a revenue of ₹873 crore in the same quarter last year.
This impressive growth comes primarily on the back of the company's stellar performance in the overall EV two-wheeler market, where it still maintains a stronghold.
Market leadership
Ola Electric maintains dominance in EV market
In October, Ola Electric reported retail sales of about 50,000 units and now commands a market share of nearly 30%.
The company's shares closed trading at ₹72.72 apiece on November 8, down 4.3% from the issue price of ₹76.
In Q2, Ola Electric delivered 98,619 two-wheelers, a whopping 73.6% increase from the same period last year.
Business strategy
Ola Electric's premium portfolio and future plans
Ola Electric's premium portfolio remains a key driver of its revenue. The company also witnessed an 18.2% sequential decline in raw material costs.
Going forward, Ola Electric aims to commence deliveries of its electric motorcycles unveiled earlier this year by March 2025.
The company also plans to grow its network of company-owned stores and co-located service infrastructure to 2,000 outlets by March 2025.