Ola Electric on November 8 said its net loss narrowed in second quarter, helped by a jump in sales and lower raw material costs.
The Bengaluru-based company said its consolidated loss narrowed to Rs 495 crore in the July-September quarter from Rs 524 crore a year earlier.
The electric vehicle maker clocked a consolidated revenue of Rs 1,214 crore, which went up by around 39% year-on-year from Rs 873 crore in the year-ago period.
In terms of the overall EV two-wheeler market, Ola Electric continues to dominate the segment. The firm, in fact, saw retail sales of around 50,000 units in October and commands a market share of around 30 percent.
While the company announced the results post-market hours, Ola Electric's shares, on November 8, closed trading 2.4% at Rs 72.72 apiece, 4.3% below the issue price of Rs 76.
The company delivered 98,619 two-wheelers during the quarter, 73.6% more than a year earlier.
"Premium portfolio continues to be a major contributor in revenue," the company said in a statement. Raw material costs fell 18.2% sequentially.
Ola Electric will begin deliveries of its electric motorcycles launched earlier this year by March 2025, it said.
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