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EV maker Ola Electric reported revenue from operations of ₹1,644 crore for the quarter ended June 30, 2024, up 32.3 per cent from ₹1,243 crore in the corresponding quarter of the previous financial year.
Consolidated net loss stood at ₹347 crore (₹267 crore). However, on a sequential basis, the net loss narrowed from ₹416 crore reported in the January-March quarter.
The Bhavish Aggarwal-led company’s EBITDA loss was at ₹205 crore (₹218 crore).
Ola Electric posted an adjusted gross margin of ₹377 crore for the quarter.
The quarter also witnessed the highest-ever deliveries of vehicles by Ola Electric at 1,25,198 units against 70,575 units delivered in the same period last year.
The company ramped up deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth. The existing product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand which continued growth momentum throughout the quarter.
The company’s automotive segment (E2W) posted a strong improvement in EBITDA margin and is close to EBITDA breakeven, it said in a statement.
The company’s ‘cell’ division reported a consolidated revenue of ₹4 crore against ₹3 crore in the previous quarter. The company has announced the integration of its cells in its own vehicles by Q1 FY26.
Ola Electric will also launch its much-awaited electric motorcycle portfolio across mass and premium segments.
On Wednesday, Ola Electric’s shares closed 2.6 per cent higher at ₹111 apiece, on the BSE.
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