Ola Electric strengthens market leadership in Q1 FY25, with Automotive segment nearing EBITDA breakeven

 

Ola Electric strengthens market leadership in Q1 FY25, with Automotive segment nearing EBITDA breakeven

 ● Ola Electric’s Automotive Segment inches closer to breakeven with an EBITDA margin of (1.97)% for the quarter

 ● Registers its highest ever quarterly Revenue of ₹1,718 Cr in Q1 FY25 with 48.63% market share

 ● Company announced the integration of its cells in its own vehicles Q1 FY26

 ● Company to launch its electric motorcycle portfolio across mass and premium segments during its annual flagship event on August 15, 2024

 Bengaluru, August 14, 2024: Ola Electric today announced its first quarterly results post listing. Company’s revenue grew by 34.32% to ₹1,718 Cr for the quarter ended 30th June 2024, up from ₹1,279 Cr for the quarter ended 30th June 2023. The company has registered its highest ever quarterly revenue during the quarter ended 30th June 2024.

 The quarter witnessed the highest ever deliveries of vehicles by the Company at 1,25,198 units as against 70,575 units delivered in the same period last year. The company ramped up deliveries of its mass market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth. The existing product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand which continued growth momentum throughout the quarter.

 Company’s Automotive segment (E2W) posted a strong improvement in EBITDA margin and is close to EBITDA breakeven. Automotive segment EBITDA margin for the quarter was (1.97)%, up 632 bps YoY from the (8.29)% EBITDA margin for the quarter ended 30th June 2023. 

Company posted Adjusted Gross Margin of ₹377 Cr for the quarter ended 30th June 2024. The Adjusted Gross Margin stood at 21.94% of Revenue, up 873 bps YoY from 13.21% for the same quarter last year. The increasing scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimizations. These benefits of scale are further amplified by the company’s scalable platform-based product development and manufacturing technology that results in high degrees of commonality across its products.

Ola Electric is set to host its annual mega conclave – ‘सकं ल्प’ (Sankalp) on August 15, 2024 at the Futurefactory, Krishnagiri in Tamil Nadu. The company today announced the integration of its cells in its own vehicles by Q1 FY26. During its flagship event tomorrow, the company will also launch its much awaited electric motorcycle portfolio across mass and premium segments