Ola Electric Q1 Results with Total Income ₹1,950 Million, Net Loss ₹347 Million

Ola Electric, a leading electric vehicle manufacturer, reported its Q1 2024 financial results. The company showed a significant increase in revenue, reflecting strong demand for its electric scooters and expanding market presence. However, despite the rise in income, Ola Electric faced challenges in managing its expenses, which led to a net loss for the quarter.

Ola Electric’s total revenue for Q1 2024 was ₹1,644 million, up from ₹1,598 million in the same quarter last year. This growth was driven by higher sales volumes and new product launches. Other income also increased slightly to ₹74 million, contributing to a total income of ₹1,718 million.

Ola Electric’s cost of materials consumed was ₹1,311 million, only a slight decrease from the previous year. Employee benefits expenses rose to ₹123 million, reflecting increased hiring and talent acquisition efforts. Other operating expenses were ₹385 million, slightly lower than the previous year.

Ola Electric reported a net loss of ₹347 million for Q1 2024. The company remains optimistic about future growth and plans to continue investing in R&D and expanding its product line.

Source: Here 

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Ola Electric Q1 Results

This Ola Electric table provides a clear comparison of key financial metrics for Q1 2024 against Q1 2023.

Ola Electric Stock Insights

Ola Electric’s table shows various details about a company's stock. "Market Cap" is the total value of all its shares combined, which is ₹54,602 Crores. The "Current Price" is the price of one share, set at ₹124. "High / Low" indicates the highest and lowest prices the stock has reached, which are ₹130 and ₹76, respectively. 

Here’s the stock information:

Quarterly Results 

The table shows Ola Electric’s financial performance for three quarters: June 2023, March 2024, and June 2024. Sales increased from ₹1,243 crores in June 2023 to ₹1,644 crores in June 2024, meaning the company sold more products. 

Here is the information in the table: 

About Ola Electric 

Ola Electric is a company based in Bangalore, India, that makes electric scooters. It was started in 2017 by Bhavish Aggarwal, who is also the CEO. The company has a large factory in Krishnagiri, Tamil Nadu, which is the biggest electric scooter factory in India.

Ola Electric sells electric scooters called the Ola S1. They offer three models: the S1 Air, S1X, and S1 Pro. The S1 Air is a basic model, the S1X is a bit more advanced, and the S1 Pro is the most advanced with extra features. In 2023, Ola Electric was a leader in the electric scooter market in India, holding a 30% share.

Ola Electric also provides charging solutions and makes batteries for electric vehicles. They plan to start making electric motorcycles in 2025.