Ola Electric Mobility Q2 results: Net loss narrows to ₹495 crore, revenue grows by 39% to ₹1214 crore

Ola Electric posted a consolidated net loss of ₹495 crore for the quarter ending September, down from ₹524 crore in the year-ago period.

As the company announced its quarterly results after the market closed on Friday, November 8, the shares of the company remained in the red. The stock ended 2.5% lower on Friday at ₹72.67 on the NSE.

The Bengaluru-based two-wheeler EV manufacturer recorded a consolidated revenue of ₹1,214 crore, noting a 38.5% year-on-year (YoY) rise from ₹873 crore in the same quarter last year. The narrowed losses and increased revenue are aided by increased sales and lower raw material costs, the company said.

Reports suggest that the EV two-wheeler market continues to be dominated by Ola Electric as the company holds nearly 30% market share and sold nearly 50,000 units in the retail Indian market in October.

Ola Electric’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at a loss of ₹379 crore for the quarter, improving from the previous year’s figure of ₹435 crore. Its gross margin for the quarter stood at 20.3%, as per a press release by the company. It delivered 98,619 units, showing a strong growth of 73.6% when compared to the year-ago quarter, the release said.

More about Ola Electric

The mass-market portfolio of the company, priced below ₹1 lakh, continued to drive strong momentum, growing by 15% sequentially, the release noted. Meanwhile, its premium portfolio remains a key revenue contributor, it added.

Ola Electric Mobility is a leading electric vehicle (EV) manufacturer in India. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells, the company release stated.

It currently operates in 782 company-owned stores, all delivering 130 sales on average per quarter, which is nearly 2-3 times the industry average, it added. The company plans to expand its network to 2,000 stores and co-located service centres by March 2025.

Moreover, the company confirmed that it is on track to introduce cells in its electric two-wheeler portfolio by the first quarter of the next fiscal, FY26.

Furthermore, the release added that Ola is building an extensive EV hub in Tamil Nadu, which includes the Ola Futurefactory and the upcoming Ola Gigafactory. The hub will be supported by Ola’s Battery Innovation Centre (BIC) in Bengaluru, focused on advancing cell and battery technologies.