Ola parent's FY23 revenue grows 42% YoY to Rs. 2,800cr
ANI Technologies, the parent company of Ola Fleet, Ola Financial Services, Ola Electric, and Ola Stores, has seen a 42% year-on-year increase in its consolidated revenue, reaching Rs. 2,799 crore for FY23. This growth occurred despite a decrease in revenue from Ola Fleet and Ola Financial Services. Additionally, the company's net loss dropped to Rs. 772 crore in FY23, compared to a loss of Rs. 1,522 crore in the previous financial year.
Ola Financial Services and Ola Fleet Services report reduced revenues
In FY23, Ola Financial Services saw a 22% decline in revenue, dropping to Rs. 85 crore from Rs. 110 crore in FY22, along with a reported net loss of Rs. 54 crore. Cab-leasing arm Ola Fleet Services's revenue decreased by about 57%, falling to Rs. 189 crore from Rs. 437 crore in FY22. However, the net loss for Ola Fleet Services decreased to Rs. 387 crore in FY23 from Rs. 467 crore in the prior fiscal year.
Ola Electric records significant revenue growth but widens net loss
Ola Electric, ANI Technologies's electric vehicle manufacturing and selling subsidiary, reported a massive 510% increase in consolidated revenue for FY23, reaching Rs. 2,782 crore. Despite this impressive growth, the company's net loss widened to Rs. 1,472 crore in FY23, doubling the Rs. 784 crore loss reported in FY22. Ola Electric is gearing up for its IPO later this year. It aims to raise Rs. 5,500 crore via a fresh issue and up to Rs. 1,750 crore via offer-for-sale (OFS).
