EV giant Ola Electric records Rs 373Cr revenue in FY22; losses stood at Rs 784Cr

Bhavish Aggarwal-led EV maker Ola Electric has announced its financial results for the fiscal year ending March 2022.

The EV giant reported a revenue of Rs 373 crore in FY22, a significant leap from its previous year's revenue of Rs 86 lakh when it kickstarted its operations in December 2021.

Prior to EVs, Ola Electric primarily functioned as an infrastructure provider, focusing on the charging and battery-swapping network across India. 

The company claimed that the sale of electric scooters contributed a whopping 93.3% to the company's total revenue, amounting to Rs 348 crore, While the remaining was generated from battery swapping and subscription services.

While it was successful in increasing its income, The losses also went up from Rs 199 crore in FY21 to Rs 784 crore in FY22. The company's Return on Capital Employed (ROCE) and EBITDA margin stood at -18% and -157%, respectively.

In the competitive electric two-wheeler market in India, Ola Electric has managed to secure a leading position. In August alone, the company sold 18,333 units, representing a 375% YoY growth when compared to July 2022.

While Ola Electric is yet to file its audited financial report for FY23, A Reuters report recently said that the company recorded a $136 million loss in FY23 with a revenue of $335 million.

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