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Ola Electric’s Net loss for the quarter stood at ₹564 crore, which was wider than the loss of ₹376 crore during the same quarter last year. The figure is also higher than the ₹495 crore loss it had reported in the September quarter.
Revenue for the December quarter declined by 19.4% from last year to ₹1,045 crore. The company had offered multiple festive discounts during the quarter. Ola had reported revenue of ₹1,644 crore during the June quarter and ₹1,214 crore during the September period.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at a loss of ₹460 crore, from a loss of ₹301 crore in the year-ago quarter.
Shares of Ola Electric Mobility fell to the day’s low post the results announcement. The stock currently trades 2.5% lower at ₹70, which is below its IPO price of ₹76.
