Ola Electric Mobility (OLAELEC) Q1 24/25 earnings summary

Executive summary

• Achieved record total income of INR 1,718 crore in Q1 FY25, up 24% year-over-year, with 1.25 lakh deliveries, a 77% increase over last year.

• Consolidated revenue from operations was ₹1,644 crore for Q1 FY25, up from ₹1,243 crore in Q1 FY24.

• Adjusted gross margin improved to 21.94%, up 873 basis points year-over-year; consolidated EBITDA margin improved to -7.6%, a 660 basis point improvement.

• Maintained strong market share, with 48.6% of electric two-wheelers sold in India being Ola vehicles.

• The company incurred a consolidated net loss of ₹347 crore for Q1 FY25, compared to a net loss of ₹267 crore in Q1 FY24.

Financial highlights

• Total income reached INR 1,718 crore, highest ever, with 24% year-over-year growth.

• Delivered 1.25 lakh vehicles, a 77% increase over last year.

• EBITDA (loss before finance costs, depreciation, amortization, and tax) was ₹(131) crore in Q1 FY25, improving from ₹(182) crore in Q1 FY24.

• Basic and diluted EPS for Q1 FY25 was ₹(0.95), compared to ₹(0.71) in Q1 FY24.

• Total assets as of June 30, 2024, were ₹7,568 crore, with total liabilities at ₹5,850 crore.

Outlook and guidance

• Motorcycle portfolio launch imminent, targeting both premium and mass market segments, with deliveries expected within FY25.

• Anticipates significant gross margin improvement from in-house cell integration starting Q1 FY26.

• Focus remains on profitable growth, with tactical pricing decisions and continued cost optimization.

• Management expects continued focus on both automotive and cell businesses, reflecting the new segment structure.