Ola Electric has reported consolidated financial results for the fiscal year 2023, revealing a substantial surge in total revenue, reaching Rs 2,782 crore. This marks a 510 per cent increase from Rs 456 crore recorded in FY2022. Additionally, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) profit/loss has shown improvement for the brand, progressing from 157 per cent in FY2022 to 43 per cent in FY2023.
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Ola Electric recorded Rs 2,782 crore of revenue in FY23.
The company has been steering initiatives to fortify growth and profitability, such as expanding its product portfolio with the introduction of new scooters under the Generation 2 platform. The company currently sells the S1 Pro (2nd Generation), S1 Air, and S1 X in three variants: S1 X+, S1 X (3 kWh), and S1 X (2 kWh). Moreover, the brand recently commenced deliveries of the S1 X+ electric scooter.
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Ola has also expanded its sales and service network, which now includes 935 experience centres and 392 service centres as of October 31, 2023. Furthermore, the company has focused on enhancing its research and development operations, operationalising facilities in India and the UK, and inaugurating the Battery Innovation Centre in Bengaluru.
Ola Electric registered its highest-ever monthly sales in November 2023.
Ola Electric has consistently dominated the electric two-wheeler category for over five quarters, securing approximately 35 per cent of the market share in November. With its monthly and year-over-year growth, the company posted its highest-ever monthly sales, registering 30,000 units in November 2023.
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