Ola Electric Mobility Q2 Results: Net loss of ₹495 crore, revenue grows by 39%

Ola Electric Mobility Ltd. continued to remain in the red as it reported its September quarter results after market closing on Friday, November 8.

The electric vehicle manufacturing company reported a net loss of ₹495 crore, which was slightly lower than the loss of ₹524 crore that it had reported during the same quarter last year. The company had reported a loss of ₹347 crore in the June quarter, its first reported quarter after listing.

Revenue for the period increased by 39.1% on a year-on-year basis to ₹1,214 crore, compared to ₹873 crore in the year-ago quarter.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at a loss of ₹379 crore, which is narrower than the loss of ₹435 crore that it had reported in the year-ago quarter.

Gross margin for the quarter stood at 20.3% during the quarter, Ola Electric said in a press release. It delivered 98,619 units, a growth of 73.6% for the quarter, when compared to the year-ago period.

The mass market portfolio, below ₹1 lakh, continued to drive momentum, growing by 15% on a sequential basis, while the premium portfolio remains a major revenue contributor, the release added further.

Ola Electric is currently present in 782 company owned stores, and it plans to expand its owned store and co-located service infrastructure network to 2,000 by March 2025.

The company also reiterated that it is on track to commence the use of vells in its Electric two-wheeler portfolio by the first quarter of financial year 2026.

"All production systems at the Ola Gigafactory are fully operational and trial production reached a new milestone in the September quarter with over 20,000 cells manufactured," Ola Electric said.

Shares of Ola Electric Mobility ended 2.5% lower on Friday at ₹72.67, below its IPO price of ₹76.