Ola Electric Narrows Net Loss on Surge in Sales

Ola Electric reported a narrowed net loss of Rs 495 crore for Q2 FY24 due to increased sales. Revenue rose to Rs 1,214 crore. The firm plans to expand its store network to 2,000 outlets by March 2025. It also aims to launch 20 new products over the next two years.

Ola Electric Mobility announced a reduction in its consolidated net loss to Rs 495 crore for the second quarter ending September 30, 2024, boosted by strong sales performance.

The Bengaluru-based company noted a revenue increase to Rs 1,214 crore, compared to Rs 873 crore in the same quarter of the previous fiscal year.

Sales surged by 74%, with 98,619 units sold compared to 56,813 units during the same period last year. Ola aims to expand to 2,000 company-owned stores by March 2025, with 782 stores existing as of September 2024.

(With inputs from agencies.)