New Delhi: Ola Electric Mobility Ltd on Friday reported a widening of consolidated net loss at Rs 564 crore in the third quarter ended December 31, 2024 impacted by lower revenue due to enhanced competition and one-off cost to address service issues.
The company had posted a net loss of Rs 376 crore in the third quarter last fiscal, Ola Electric Mobility Ltd said in a regulatory filing.
Revenue from operations in the third quarter stood at Rs 1,045 crore as compared to Rs 1,296 crore in the year-ago period, it added.
Total expenses in the quarter under review stood at Rs 1,505 crore as compared to Rs 1,597 crore in the corresponding period last fisal, the company said.
During the quarter, the company said it posted its “highest-ever e2W registrations at 3.33 lakh units”, up 37.5 per cent from the year-ago period.
“October saw strong performance fueled by festival sales, however, the overall quarter was weak due to high competitive intensity and service challenges. We’ve fixed the service issues and with our network expansion, turned the tide on market share and margins,” the company said in its letter to shareholders.
Ola Electric further said, “One-off costs of Rs 110 crore were incurred to address service issues, including warranty expenses. However, with technology-led innovation and Gen 3 launch, we remain on track to normalise these costs from FY26 onwards.”
Service Turnaround Time (TAT) has been reduced to 1.1 days versus 2.5 days in September 2024), backed by investments in service infrastructure across people, processes and technology, it added.
Additionally, the company said, “Workforce rationalisation resulted in a Rs 13 crore one-time charge but led to an overall reduction in people costs by 17 per cent (excluding one-time impact).”
Moving forward, Ola Electric said, “We will reinvest in frontline resources, including our expanded network. We will continue to invest in our expanded network infrastructure and people.”
