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Ola Electric Q1 Results with Total Income ₹1,950 Million, Net Loss ₹347 Million
Ola Electric’s Q1 2024 Results show increased revenue but a net loss and they earned ₹1,800 million from operations and ₹150 million from other sources, totaling ₹1,950 million in income.
by Ruksana
Updated Aug 16, 2024
Table of Content
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.
|
Particulars |
Q1 2024 (₹ in million) |
|
Revenue from operations |
1,800 |
|
Other income |
150 |
|
Total income |
1,950 |
|
Cost of materials consumed |
1,100 |
|
Employee benefits expense |
200 |
|
Other expenses |
300 |
|
Total Expenses |
1,600 |
|
Profit before tax |
350 |
|
Earnings per share (EPS) |
1.50 |
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:
|
Metric |
Value |
|
Market Cap |
₹54,602 Cr. |
|
Current Price |
₹124 |
|
High / Low |
₹130 / ₹76 |
|
Stock P/E |
Not provided |
|
Book Value |
Not provided |
|
Dividend Yield |
0.00% |
|
ROCE (Return on Capital Employed) |
-32.1% |
|
ROE (Return on Equity) |
Not provided |
|
Face Value |
₹10 |
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:
|
Financial Metric |
Jun 2023 |
Mar 2024 |
Jun 2024 |
|
Sales (Rs. Crores) |
1,243 |
1,598 |
1,644 |
|
Expenses (Rs. Crores) |
1,461 |
1,910 |
1,849 |
|
Operating Profit (Rs. Crores) |
-218 |
-312 |
-205 |
|
Operating Profit Margin (OPM %) |
-18% |
-20% |
-12% |
|
Other Income (Rs. Crores) |
34 |
73 |
51 |
|
Interest (Rs. Crores) |
36 |
61 |
67 |
|
Depreciation (Rs. Crores) |
47 |
116 |
126 |
|
Profit Before Tax (Rs. Crores) |
-267 |
-416 |
-347 |
|
Tax % |
0% |
0% |
0% |
|
Net Profit (Rs. Crores) |
-267 |
-416 |
-347 |
|
Earnings Per Share (EPS) in Rs. |
-1.37 |
-2.13 |
-1.45 |
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.
Ola Electric Q1 Results
1. What is Ola Electric’s revenue for Q1 2024?
Ola Electric’s revenue for Q1 2024 is ₹1,800 million.
2. How much other income did Ola Electric report in Q1 2024?
Ola Electric reported ₹150 million in other income for Q1 2024.
3. What was Ola Electric’s total income for Q1 2024?
Ola Electric’s total income for Q1 2024 was ₹1,950 million.
4. How much did Ola Electric spend on materials in Q1 2024?
Ola Electric spent ₹1,100 million on materials in Q1 2024.
5. What were Ola Electric’s employee benefits expenses for Q1 2024?
Ola Electric’s employee benefits expenses were ₹200 million in Q1 2024.
6. What were the other operating expenses for Ola Electric in Q1 2024?
Ola Electric’s other operating expenses were ₹300 million in Q1 2024.
7. What is Ola Electric’s total expense for Q1 2024?
Ola Electric’s total expense for Q1 2024 was ₹1,600 million.
8. What was Ola Electric’s profit before tax in Q1 2024?
Ola Electric reported a profit before tax of ₹350 million in Q1 2024.
9. How much did Ola Electric report in interest expenses for June 2024?
Ola Electric reported ₹67 Crores in interest expenses for June 2024.
10. What was the net profit for Ola Electric in June 2024?
Ola Electric’s net profit in June 2024 was -₹347 Crores.