Ola reports Rs 1,970.42 cr consolidated revenue in Q1FY24; loss widens 32% YoY to Rs Rs 1,522 cr
Mumbai: Ola, owned by ANI Technologies reported a substantial increase in consolidated revenue to Rs 1,970.42 crore in Q1FY24, marking a nearly 100 percent year-on-year (YoY) growth, Moneycontrol reported citing a filing with the Registrar of Companies (RoC).
Comparatively, in FY21, Ola's consolidated revenue stood at Rs 983 crore.
Despite the growth in revenue, Ola reported a consolidated loss of Rs 1,522.3 crore in FY22, which reflects a YoY increase of approximately 36.3 percent.
The rise in losses can be attributed primarily to an increase in overall expenses. In FY21, Ola had reported a loss of Rs 1,116 crore.
The company's total expenses amounted to around Rs 3,362 crore, indicating a YoY rise of about 67.5 percent.
Ola's employee benefit expenses, which include components such as salaries, wages, contributions to Provident Fund, and staff welfare, were recorded at Rs 552 crore in FY22, in contrast to Rs 436 crore in FY21.
ANI Technologies operates a range of subsidiaries, which includes entities like Ola Electric, Pickup.ai, Ola Fleet Technologies, Ola Financial Services, and international operations such as Ola Singapore Pte Ltd. These operations extend beyond India to regions including the USA and France.
Ola's subsidiary focused on electric vehicles (EV), Ola Electric, incurred an operating loss of $136 million on revenue of $335 million during the fiscal year 2022, which ended in March, according to a Reuters report.
These reported losses coincide with a period during which Ola's investors have been re-evaluating the fair value of the company's assets.
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