Ola Electric's shares will be in focus on Monday after the business reported a year-on-year (YoY) net loss of Rs 495 crore for the quarter ended September 2024, down from Rs 524 crore in the previous year's quarter.
Meanwhile, its operating revenue increased by 39% year on year to Rs 1,214 crore in the September quarter. On a sequential basis, the loss increased from Rs 347 crore reported in the previous June quarter.
EBITDA losses for the quarter totaled Rs 223 crore, compared to Rs 321 crore in the same period previous year. However, on a quarterly basis, operating losses increased from Rs 65 crore in Q1 FY25.
"We are expanding distribution to 2,000 stores by March 2025 from the current 782 in addition to expanding our Network Partner Program," according to a press statement.
Ola stated that despite subsidy reductions over the last year, vehicle segment gross margins steadily improved to 20.6% in Q2FY25 as a result of BOM cost reductions generated by the Gen 2 platform.
During Q1FY25, the firm achieved a 3% gain in vehicle gross margins, led by a reduction in BOM cost, offset by a 1% investment in expansion and a 1.5% effect
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