Bhavish Aggarwal led Ola Electric Mobility Limited announced its financial results for the quarter ending September 30, 2024. The company which was recently in the limelight after an online feud with its CEO, Bhavish Aggarwal and Stand-up Comedian Kunal Kamra over the services and other issue of the EV two-wheeler have garnered a lot of attraction from netizens.
This infact, to an extend also affected the stock price drop of the company.
After its IPO from August 2 to August 6, the company got listed the Indian bourses on August 9, with a flat debut. The company listed at par with its issue price on the NSE and slightly lower on the BSE at Rs 75.99 and on NSE at Rs 76 per share.
Financial Overview
Consolidated Results
In Q2FY25, the two wheeler EV manufacturer reported a total income of Rs 1,314 crore, marking a year-on-year surge compared to Rs 922 crore in the same period last year.
Furthermore, the total expenses for Q2FY25 also rose to Rs 1,593 crore from Rs 1,308 crore YoY.
OLA CEO Bhavesh Aggarwal | X
The company reported a loss of Rs 495 crore, which, while substantial, showed a slight improvement from the Rs 524 crore loss reported in the previous year.
Standalone Results
On a standalone basis, Ola Electric’s income for the quarter stood at Rs 53 crore, up from Rs 37 crore in the prior year’s quarter. Expenses decreased to Rs 39 crore from Rs 43 crore, helping limit the quarterly loss to Rs 11 crore, compared to Rs 7 crore in the previous period.
On Friday, Ola Electric’s shares closed at Rs 72.74 on the BSE, a 2.27 per cent decline. The stock opened at Rs 75.24 but dropped to an intraday low of Rs 72.53.
