Ola Electric Released Q1 FY25 Results: Recorded Highest Ever Revenue

The recently listed electric vehicle maker Ola Electric Mobility Limited recently announced its results for the quarter ended June 30, 2024 (Q1 FY2025). Ola Electric recorded the highest-ever quarterly revenue, with a YoY growth of 34.32% to ₹1,718 Crore, compared to ₹1,279 Crore for the quarter ended June 30, 2023.

Highest Ever Deliveries

During the quarter, the company witnessed the highest-ever deliveries of vehicles, which stood at 1,25,198 units, as compared to 70,575 units delivered in the same period last year. This growth was supported by the increased deliveries of its mass-market scooter portfolio (S1 X portfolio) during the quarter. In addition, the current product portfolio (S1 Pro, S1 Air, S1 X+) also saw strong demand, which continued to grow momentum throughout the quarter.

Factors Supporting Positive Results

Ola Electric recorded an adjusted Gross Margin of ₹377 Crore during the quarter, which reflects an adjusted Gross Margin of 21.94% of Revenue, up 873 bps YoY from 13.21% for the same

quarter last year. The earnings release filed to the exchange also stated that the increasing scale of operations has supported the company in the form of lower manufacturing costs and supply chain optimisations. These benefits of scale are further backed by the company’s scalable platform-based product development and manufacturing technology, which results in high degrees of commonality across its products.

The company has decreased its cost structures beyond BOM across direct and indirect costs via its continuous efficiency improvement initiatives in manufacturing. The company has further leveraged technology to reduce its distribution costs.

Improvement in Automotive Segment

The automotive segment (E2W) recorded a strong improvement in EBITDA margin and is near to EBITDA breakeven. The automotive segment’s EBITDA margin was (1.97)%, up 632 bps YoY from the (8.29)% EBITDA margin for the quarter ended June 30, 2023.

About Ola Electric Mobility

Ola Electric Mobility is a leading electric vehicle (EV) manufacturer in India. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

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