Ola Electric's revenue falls by 39% in Q2
What's the story
Ola Electric, one of India's leading electric vehicle manufacturers, has reported a 39% year-on-year decline in its revenue for the second quarter of FY27. The Bengaluru-based company saw its operational revenue fall to ₹421 crore from ₹690 crore in the same period last year. Despite the drop in revenue, Ola Electric managed to reduce its losses by 13% to ₹362 crore.
Business breakdown
Breakdown of the company's revenue
Ola Electric's automotive segment brought in ₹420 crore during the quarter, while its cell business contributed ₹3 crore. This was before inter-segment eliminations of ₹2 crore.
The company registered 41,650 EVs during the period, a 17% year-on-year decline.
Ola Electric's total income for Q2 FY27 stood at ₹448 crore after accounting for other income of ₹27 crore.
Financial adjustments
Procurement costs decline by 38%
Ola Electric witnessed a 38% year-on-year decline in procurement costs, which stood at ₹295 crore for Q2 FY27.
The company's employee benefit cost increased by 22% to ₹67 crore during this period.
Overall, Ola Electric's total expenses fell by 31% to ₹810 crore from ₹1,174 crore in the same quarter last year.