Within the fiscal yr ended March, Ola Electrical’s income surged 90% as gross sales volumes greater than doubled.
| Picture Credit score: Reuters
Ola Electrical reported a wider first-quarter loss on Wednesday (August 14, 2024), harm by the worth cuts it took to spice up demand after the federal government decreased incentives.
The corporate, which made its buying and selling debut final week, stated its loss widened to ₹347 crore within the April-June quarter from ₹267 crore within the year-ago quarter.
Ola Electrical slashed costs of its most cost-effective vary of e-scooters in April after the federal government halved the subsidy for purchases of electrical automobiles.
It accounted for the drop in incentives as a one-time expense of ₹23 crore within the newest quarter.
The corporate, which has three e-scooter fashions, stated income rose 32.3% to ₹1,644 crore within the quarter. Its gross sales quantity elevated 57%.
Within the fiscal yr ended March, Ola Electrical’s income surged 90% as gross sales volumes greater than doubled.
Bills elevated 27% within the newest quarter as depreciation prices almost tripled.
The rise in its total bills slowed to 62% final fiscal yr from a three-fold soar within the earlier yr.
Since launching its first mannequin three years in the past, Ola Electrical has grown to command a 39% share of two-wheeler EV gross sales within the nation in July, per authorities information.
Its closest rival TVS Motor and a fast-growing Bajaj Auto have already launched or are set to launch new e-scooter fashions in India’s small however rising market.
Ola Electrical shares closed 2.3% on the day, earlier than it reported outcomes.
