MUMBAI: Bhavish Aggarwal-run Ola Electric Mobility on Friday reported a massive net loss of Rs 564 crore in the third quarter (Q3 FY25), an increase of 13.94 per cent compared to a net loss of Rs 495 crore in the previous quarter (Q2 FY25).
On a year-on-year (YoY) basis, the net loss widened from Rs 376 crore in the same quarter last year (Q3 FY24) – a steep 50 per cent increase.
In its stock exchange filing, the company attributed the increased losses to "highly competitive intensity and service challenges" during the quarter.
The company’s revenue from operations fell by 19.36 per cent YoY to Rs 1,045 crore in Q3 from Rs 1,296 crore in the year-ago period.
At the operational level, the company's EBITDA loss increased to Rs 460 crore in the December quarter, compared to a loss of Rs 301 crore in the same quarter last fiscal.
The consolidated EBITDA, excluding exceptional costs like warranty and one-time employee-related expenses, stood at (-) 29.2 per cent in Q3, compared to (-) 19.4 per cent in the previous quarter (Q2).
Similarly, the auto segment EBITDA, excluding exceptional costs, dropped to -18.5 per cent from -12.8 per cent in Q2.
"October saw strong performance fuelled by festival sales, however, the overall quarter was weak due to high competitive intensity and service challenges," the company said.
The electric mobility aggregator claimed that the service issues have been fixed and with the network expansion, it has turned the tide on market share and margins.
The company said it continues to focus on growing its presence in the electric two-wheeler market despite the financial challenges, according to its filing.
In Q2 FY25, the electric two-wheeler company’s revenue slumped by 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of the fiscal (FY25).
Post the earnings announcement, Ola Electric’s share further plunged to Rs 69.43 apiece, down by 3.35 per cent.