Due in part to faster scooter deliveries, Ola Electric, which made its stock market debut last week, saw a nearly 29% year-over-year increase in revenue to ₹1,644 crore in the quarter that ended in June. However, the company also saw a ₹347 crore increase in loss.
The electric scooter manufacturer, led by Bhavish Aggarwal, reported ₹1,598 crore in revenue and ₹416 crore in net loss for the March quarter. The company’s net loss in the same quarter last year was ₹267 crore.
The company has profited from lower manufacturing costs and supply chain optimisations as a result of growing its operations. The company claimed that its scalable platform-based manufacturing and product development approach, which produces high levels of product commonality, further enhances these scale-related benefits.
On Friday, Ola Electric’s shares went public at ₹76, the issue price, on the National Stock Exchange (NSE). Since then, the stock has been rising; on Tuesday, it reached a record high of almost ₹130 before declining. The NSE saw the stock close 2.6% higher on Wednesday at ₹110.99.
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