Its Automotive segment nearing EBITDA breakeven
FinTech BizNews Service
Mumbai, August 14, 2024: Ola Electric today announced its first quarterly results post listing.
Company’s revenue grew by 34.32% to Rs1,718 Cr for the quarter ended 30th June 2024, up from
Rs1,279 Cr for the quarter ended 30th June 2023. The company has registered its highest ever
quarterly revenue during the quarter ended 30th June 2024.
The quarter witnessed the highest ever deliveries of vehicles by the Company at 1,25,198 units as
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.
Company’s Automotive segment (E2W) posted a strong improvement in EBITDA margin and is
close to EBITDA breakeven. Automotive segment EBITDA margin for the quarter was (1.97)%, up
632 bps YoY from the (8.29)% EBITDA margin for the quarter ended 30th June 2023.
Company posted Adjusted Gross Margin of Rs377 Cr for the quarter ended 30th June 2024. The
Adjusted Gross Margin stood at 21.94% of Revenue, up 873 bps YoY from 13.21% for the same
quarter last year. The increasing scale of operations has benefited the company in the form of
lower manufacturing costs and supply chain optimizations. These benefits of scale are further
amplified by the company’s scalable platform-based product development and manufacturing
technology that results in high degrees of commonality across its products.
Ola Electric is set to host its annual mega conclave – ‘सकं ल्प’ (Sankalp) on August 15, 2024 at the
Futurefactory, Krishnagiri in Tamil Nadu. The company today announced the integration of its
cells in its own vehicles by Q1 FY26. During its flagship event tomorrow, the company will also
launch its much awaited electric motorcycle portfolio across mass and premium segments.
On August 9, 2024 Shares of Pure Play EV player, Ola Electric Mobility Limited had touched the 20% upper circuit on the exchange on listing day.
The company's share price had closed at Rs 91.18 per share on the BSE, a 19.97% premium, and at Rs 91.20 per share on the NSE, a 20% premium.
Bhavish Aggarwal, CMD, Ola Electric Mobility Ltd had Said at the Listing Ceremony “While entrepreneurs often receive the spotlight, it is the dedicated team and their supportive families who truly deserve the credit”.
