Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17%

Electric mobility company Ola Electric has filed its first-ever quarterly result after becoming a public entity early this month. The company managed to improve its topline by 2.9% Q-o-Q while the losses for the SoftBank-backed firm declined by 16.6% in the same period.

Ola Electric’s revenue from operations increased to Rs 1,644 crore in Q1 FY25 from Rs 1,598 crore in Q4 FY24, its unaudited consolidated financial statements sourced from the National Stock Exchange show.

Income from the sale of electric scooters was the sole source of revenue for Ola Electric while the income from the sale of batteries contributed only a small portion in the first quarter of the ongoing fiscal year.

For the EV scooter manufacturer, the cost of procurement of materials accounted for 72.5% of the total cost which stood at Rs 1,341 crore in Q1 FY24. Employee benefits, advertising, and technical support were some other cost centers, taking the total burn to Rs 1849 crore in Q1 FY25.

The marginal increase in sales and cost-effective measures helped Ola Electric to control its losses by 16.6% to Rs 347 crore in Q1 FY25 as compared to Rs 416 crore in the last quarter of  FY24. 

As per Vahan data, Ola Electric has continued to maintain its supremacy in electric two-wheeler space as it sold  41,597 units in July with a market share of 39%. TVS came in second place followed by Bajaj Auto, Ather Energy and Hero MotoCorp. 

In FY24, Ola Electric sold 3,29,618 scooters — almost 2X as compared to FY23. This also reflected in the company’s scale which grew nearly two-fold to Rs 5,010 crore in FY24 from Rs 2,631 crore in FY23.

Ola Electric went public this month and raised Rs 5,500 crore fresh issue and an offer for sale of up to 84,941,997 shares amounting to Rs 646 crore. The firm is currently trading at Rs 111 (as on 04.58 PM) with a total market capitalization of Rs 48,955 crore (approximately $5.9 billion)