Ola Electric Q2 net loss narrows to Rs 495 cr in FY25

Revenue from operations jumped 39.06% to Rs 1,214 crore in Q2 FY25 as compared with Rs 873 crore in Q2 FY24.

The firm reported loss before exceptional items and tax of Rs 495 crore during the quarter as compared with loss before exceptional items and tax of Rs 524 crore posed in corresponding quarter last year.

EBITDA losses for the quarter stood at Rs 223 crore, which is higher compared with Rs 321 crore EBITDA loss reported in the last year period.

The company posted adjusted gross margin of Rs 74 crore for the quarter ended 30th September 2024. The company posted a gross margin of 20.3% in Q2FY25 which saw an increase of 12 pp (Y-o-Y).

As per the company's filings, it delivered 98,619 escooters in the quarter under review as against 1.25 lakh units of EVs delivered in the previous quarter. However, escooter deliveries shot up by more than 73.6% on a year-on-year (YoY) basis.

The company said it sold over 50,000 units during the month, capturing a 30% share of the electric two-wheeler market recovering from its fall to a 28% market share in September.

With a portfolio of six models priced between Rs 75,000 and Rs 1,50,000, the company is now focusing on expanding into other 2W and 3W categories. Over the next two years, it plans to launch 20 new products, with the target of unveiling at least one new product every quarter.

Additionally, the company plans to double down on its network of company-owned stores (and co-located service infrastructure), aiming to reach 2,000 stores by March 2025. As of September 2024, it currently operates 782 company-owned stores.

At its annual 'Sankalp' event in August 2024, the company announced the launch of its Roadster motorcycle series, with the first product to be delivered in March 2025. The products are priced to capture the entire spectrum of mass and premium motorcycles ranging from Rs 74,999 to Rs 249,999 across 3 models and 8 variants.

The counter entered into the stock market on 9 August 2024, the scrip listed at Rs 75.99, exhibiting a marginal discount to the issue price of Rs 76.

Ola Electric Mobility is a leading electric vehicle (EV) manufacturer in India, specializing in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

Shares of Ola Electric Mobility fell 2.47% to Rs 72.74 on Friday, 8 November 2024.