Ola Electric Q1 Results Highlights: Electric two-wheeler maker reports net loss of ₹347 crore, revenue up 32%

Ola Electric Mobility Ltd on Wednesday reported widening of its consolidated losses to ₹347 crore in the latest April-June quarter from a year ago. The company reported losses of ₹267 crore in the June quarter of FY24, according to a regulatory filing.

Revenue from operations for the quarter under review was ₹1,644 crore against ₹1,243 crore in the same quarter of the previous fiscal.

Since it was established, Ola Electric has significantly broadened its range of products.

• Ola S1 Pro: The initial electric vehicle model was released in December 2021.
• Ola S1 Series: Comprising of the Ola S1, Ola S1 Air, Ola S1X, and Ola S1X+.
• New EV models and ,otorcycles like the Adventure, Roadster, Diamondhead, and Cruiser were announced in August 2023.

Established in 2017, Ola Electric Mobility Limited has become a major player in the electric vehicle (EV) industry. The company specialises in manufacturing electric vehicles (EVs) and essential components, such as battery packs, vehicle frames and motors at its state-of-the-art Ola Futurefactory.

• Ola S1 Pro
• Ola S1 Air
• Ola S1 S1X

• Current stock price: ₹105.1 (-2.8%)
• Open: ₹110
• High: ₹112.4
• Low: ₹100.3

On Tuesday, Ola Electric shares closed 0.5% lower at ₹108.8 apiece on the ational Stock Exchange. Shares of the firm surged 20% to hit the upper circuit limit of ₹109.44 on Monday.

On Friday, its listing day, the stock had surged 20% to hit the upper circuit limit, as against the issue price of ₹76.

Ola Electric manufactures electric vehicles (EVs) and certain core EV components, such as battery packs, motors, and vehicle frames, at the Ola Futurefactory.

The stock listed on the NSE at par with the issue price at ₹76 apiece.

The ₹6,145-crore Ola Electric IPO, with a price band of ₹72-₹76 per share, received 4.27 times subscription during the three-day bidding window.

The initial public offering consisted of a fresh issuance of shares worth ₹5,500 crore and an offer-for-sale (OFS) of 8.49 crore equity shares.

According to its Red Herring Prospectus (RHP), Ola Electric will utilise ₹1,227.6 crore out of the IPO proceeds of its ₹5,500-crore issue on capacity expansion of its cell manufacturing plant.

The company is also looking to utilise ₹1,600 crore on research and product development, ₹800 crore to repay debts and ₹350 crore for organic growth projects.