Ola Electric's Q1 results, released today on August 14, show a net loss of Rs 347 crore for the quarter ending June 30, 2024, compared to Rs 267 crore in the same period last year.
The company’s consolidated revenue from operations increased from Rs 1243 crore to Rs 1,644 crore in Q1 FY25. In Q1FY25, the company's EBITDA loss was Rs 205 crore, down from Rs 218 crore in Q1FY24.
After the results were announced, Ola CEO Bhavish Aggarwal stated that the integration of their 4680 cells into products will begin in Q1FY26.
Recently, Ola Electric went public. Ola Electric's IPO, which was open from August 2 to August 6, raised Rs 6,145.6 crore. The company will utilise the fund to expand its giga factory expansion, investment in research and development, debt repayment and other purpose.
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Furthermore, the business revealed a gross adjusted margin of 21.94 percent, up from 13.21 percent during the same period the previous year.
“Despite a heavy reduction in FAME subsidy since Q1 2024, we have been able to improve our adjusted gross margins through our investments in R&D and vertical integration. With the ramp-up of our Gen 2 two-wheeler platform over the last 2 quarters, we have been able to reduce our BOM and cost structures,” the company added.
The company is all set to also launch its new bike. "We will be expanding our portfolio to motorcycles, which form 65% of the overall 2W market. We will be launching motorcycles across mass and premium segments on Aug 15th," the company mentioned in a statement.
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Additionally, Agarwal mentioned that there are lots of announcements related to Krutrim AI on Independence Day. AI start-up Krutrim AI became a unicorn in 2024. Recently, Ola migrated its IT operations from Microsoft Azure to Krutrim AI. Agarwal wrote, “Developers, lots of announcements from Krutrim this 15th Aug! And if you join in person, you get free Krutrim cloud usage till Dec 31st!
