Latest News | Ola Electric Shares Decline Nearly 3 Pc as Q3 Net Loss Widens
Get latest articles and stories on Latest News at LatestLY. Shares of Ola Electric Mobility Ltd on Friday dropped nearly 3 per cent after the firm reported a widening of consolidated net loss at Rs 564 crore in the December quarter.
New Delhi, Feb 7 (PTI) Shares of Ola Electric Mobility Ltd on Friday dropped nearly 3 per cent after the firm reported a widening of consolidated net loss at Rs 564 crore in the December quarter.
The stock declined 2.56 per cent to settle at Rs 70.02 apiece on the BSE. Intra-day, it tanked 4.88 per cent to Rs 68.35.
Shares of the firm ended at Rs 70.10 each, lower by 2.42 per cent at the NSE.
The firm reported a widening of consolidated net loss at Rs 564 crore in the third quarter ended December 31, 2024, impacted by lower revenue due to enhanced competition and one-off cost to address service issues.
The company had posted a net loss of Rs 376 crore in the third quarter last fiscal, Ola Electric Mobility Ltd said in a regulatory filing.
Revenue from operations in the third quarter stood at Rs 1,045 crore compared to Rs 1,296 crore in the year-ago period, it added.
Total expenses in the quarter under review stood at Rs 1,505 crore against Rs 1,597 crore in the corresponding period last fiscal, the company said.
"October saw strong performance fuelled by festival sales, however, the overall quarter was weak due to high competitive intensity and service challenges. We've fixed the service issues and with our network expansion, turned the tide on market share and margins," the company said in its letter to shareholders.
Ola Electric further said, "One-off costs of Rs 110 crore were incurred to address service issues, including warranty expenses. However, with technology-led innovation and Gen 3 launch, we remain on track to normalise these costs from FY26 onwards."
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)