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Ola Electric Mobility Q3 Results: its revenue from operations in the third quarter stands at Rs 1,045 crore as compared to Rs 1,296 crore in the year-ago period.
Ola Electric Mobility has declared its Q3 results.
Ola Electric Q3 Results: Ola Electric Mobility Ltd on Friday reported a widening of its consolidated net loss at Rs 564 crore for the third quarter ended December 31, 2024, impacted by lower revenue due to enhanced competition and one-off cost to address service issues. Its revenue from operations during October-December 2024 also fell to Rs 1,045 crore, compared with Rs 1,296 crore in the year-ago period.
Ola Electric had posted a net loss of Rs 376 crore in the third quarter last fiscal, according to a regulatory filing.
Its total expenses in Q3 FY25 stood at Rs 1,505 crore as compared to Rs 1,597 crore in the corresponding period last fiscal.
During the quarter, the company said it posted its “highest-ever e2W registrations at 3.33 lakh units”, up 37.5 per cent from the year-ago period.
“October saw strong performance fueled by festival sales, however, the overall quarter was weak due to high competitive intensity and service challenges. We’ve fixed the service issues and with our network expansion, turned the tide on market share and margins,” the company said in its letter to shareholders.
Ola Electric further said, “One-off costs of Rs 110 crore were incurred to address service issues, including warranty expenses. However, with technology-led innovation and Gen 3 launch, we remain on track to normalise these costs from FY26 onwards.”
Service Turnaround Time (TAT) has been reduced to 1.1 days versus 2.5 days in September 2024), backed by investments in service infrastructure across people, processes and technology, it added.
Additionally, the company said, “Workforce rationalisation resulted in a Rs 13 crore one-time charge but led to an overall reduction in people costs by 17 per cent (excluding one-time impact).”
Moving forward, Ola Electric said, “We will reinvest in frontline resources, including our expanded network. We will continue to invest in our expanded network infrastructure and people.”
(With PTI Inputs)
