The firm’s automotive division saw total income jump 34% to ₹1,722 crore, while loss after tax for the segment widened to ₹233 crore, from a loss of ₹189 crore a year ago. Its battery division reported an income of ₹5 crore for the quarter, with a loss after tax of ₹37 crore.
Ola Electric’s revenue also grew from the last quarter of FY24, when it had reported ₹1,671 crore, while net loss narrowed from ₹416 crore reported in the quarter ended March 31, 2024. “Our automotive segment almost went to Ebitda (earnings before interest, taxes, depreciation and amortisation) breakeven despite the FAME subsidy reductions and that has been driven by a reduction in BoM (bill of materials) cost by vertically integrating manufacturing and leading tech development in-house… We will also see a step-function change in margins with the introduction of our own cells,” founder Bhavish Aggarwal said during a media call. The core automotive division’s Ebitda margin was at -1.97% in the first quarter.
The firm said it delivered over 1.2 lakh scooters during the quarter, adding that it will launch a line of electric motorcycles on August 15. The deliveries of motorcycles would begin in the final quarter of FY25, Aggarwal said, with some bookings beginning tomorrow.
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