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Ola Electric records Rs 373 Cr revenue in

Ola Electric has finally published its annual financial results for the fiscal year ending March 2022 or FY22. The Bhavish Aggarwal-led company was in a pre-revenue phase during FY21.<br><br>

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Ola Electric records Rs 373 Cr revenue in

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  1. Ola Electric records Rs 373 Cr revenue in FY22; losses jump 4X

  2. OLA Electric Financials FY22 • Ola Electric has finally published its annual financial results for the fiscal year ending March 2022 or FY22. • The Bhavish Aggarwal-led company was in a pre-revenue phase during FY21. • As per Entrackr, Ola Electric has posted Rs 373 crore in operating revenue during FY22 as compared to Rs 0.86 crore in FY21, according to its annual financial statements filed with the Registrar of Companies • The sale of scooters formed 93.3% of the collections and registered Rs 348 crore in revenues during FY22. • the cost of procurement of products accounted for 50.4% of the total expenditure. This cost registered at Rs 625 crore in FY22. • Its employee benefit costs surged 43.1% to Rs 282 crore during FY22.

  3. Ola ElectricExpenses Breakdown • Ola Electric’s advertisement spending and legal professional fees increased 206% and 57% respectively to Rs 49 crore and Rs 44 crore during FY22. • The company added another Rs 37 crore towards IT costs which steered its overall expenditure 4X to Rs 1,240 crore in FY22. • Manufacturing expenses and additional overhead costs resulted in a fourfold rise in losses, reaching Rs 784 crore in the fiscal year 2022. • Its ROCE and EBITDA margin registered at -18% and -157% in FY22. Ola Electric spent Rs 3.32 to earn a unit of operating revenue. • A Reuters report recently said that the company recorded $136 million (Rs 1,100 crore) loss in FY23 with a revenue of $335 million (Rs 2,700 crore). 

  4. Final Words The FAME subsidy controversy, which manufacturers want to put to rest soon, has rocked the market in the past quarter. Ola Electric, which receives the majority of these subsidies among two-wheeler producers, would surely gain from this. What would be even more helpful is a protracted period without any scooter-related mishaps, which has been a major worry for all manufacturers in their efforts to establish a reputation as a reliable and safe E-ride. For more details you may click here

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