Electric vehicle maker Ola Electric's consolidated net loss widened to Rs 564 crore in the December quarter, 50 percent higher from the year-ago period.
Its consolidated revenue came in at around Rs 1,045 crore, down 19 percent from the previous year, 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," the firm said in a BSE filing on February 7.
The Bengaluru-based company had narrowed its consolidated loss to Rs 495 crore in the September quarter from Rs 524 crore in the previous year.
The company's total expenses came up to Rs 1,505 crores in the quarter under review. The firm also incurred a one-off cost of Rs 110 crore to address service issues, including warranty expenses.
"We’ve fixed the service issues and with our network expansion, turned the tide on market share and margins. In January, we’re back to market leadership with an expected gross margin of approx 26% up from 20.4% in Q3 FY25," the firm said in its investor presentation.
For the nine-month period ended December 31, Ola Electric's consolidated revenue came in at Rs 4,204 crores, up 17.6 percent. Net loss, however, was by 20 percent at Rs 1,406 crore during the period.
The company's consolidated Ebitda margin for the December quarter was negative 40.7 percent. Ebitda is short for earnings before interest, depreciation and amortisation.
Ola Electric recorded the highest-ever EV two-wheeler registrations at 333,000 units up 15.9 percent QoQ and 37.5 percent YoY. It also maintained market leadership throughout the quarter with around 25.1 percent market share.
However in December, Bajaj Auto took the top spot in EV two-wheeler sales with a 25 percent market share, selling 18,276 units, followed closely by TVS Motor at 23 percent with 17,212 units sold, surpassing Ola Electric for the first time in months. Ola claimed the top spot again in January.
The firm said its cell production is on track. "The 4680 Bharat Cell will power our products from Q1 FY26, reducing battery costs and boosting margins," it said.
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