Business: Ola Electric, which made its stock market debut last week, saw its revenue grow nearly 29% year-on-year in the quarter ended June, helped by quick deliveries of scooters, while its loss widened to Rs 347 crore. The Bhavish Aggarwal-led electric scooter maker had reported revenue of Rs 1,598 crore in the March quarter, with a net loss of Rs 416 crore. The company’s net loss in the year-ago quarter was Rs 267 crore. Ola Electric said in a statement on Wednesday that deliveries of its mass-market scooter portfolio (S1X) accelerated during the quarter, helping accelerate growth. The existing product portfolio, including the S1 Pro, S1 Air and S1X+, also saw strong demand during the quarter. “The increased scale of operations has benefited the company in the form of lower manufacturing costs and supply chain optimization. The company said, “These benefits of scale are further enhanced by the company’s scalable platform-based product development and manufacturing technology, resulting in a high degree of commonality across its products.” Shares of Ola Electric listed on the National Stock Exchange (NSE) on Friday at an issue price of ₹76. The stock has since continued to rally, touching a high of around ₹130 on Tuesday before correcting lower. On Wednesday, the stock closed 2.6% higher at ₹110.99 on the NSE. The initial public offering (IPO) by the leading electric vehicle (EV) maker in the country comprised an offer for sale (OFS) of up to 84,941,997 equity shares and a fresh issue of up to ₹5,500 crore. Ola Electric also announced to integrate its cells in its vehicles by the first quarter of FY26. This will help the company reduce its dependence on imported components and reduce production costs.
Ola Electric Q1 revenue rises as deliveries pick up
