Ola Electric Mobility on Friday reported narrowing of consolidated net loss at INR 495 crore for the second quarter ended Sept 30, 2024 aided by higher sales.

The Bengaluru-headquartered firm had reported a net loss of INR 524 crore in July-Sept FY24. Revenue from operations rose to INR 1,214 crore from INR 873 crore, Ola Electric Mobility said in a regulatory filing. During the quarter, sales increased by 74% year-on-year to 98,619 units as against 56,813 units in the same period last year.

Ola Electric said it plans to expand its company-owned store (and colocated service infra) network to 2,000 outlets by March 2025. The company has 782 company-owned stores as on Sept 2024, it added.

"Over the next 2 years, we will be launching 20 products, with at least one new product launch every quarter," it said.

The company said that over the last couple of months, it faced a capacity issue at service centres because the service capacity growth lagged sales volume growth over the 2-3 quarters.

"We have resolved almost all of this backlog and now 80% of service requests are being serviced in T+1 days. We're also expanding our service capacity to handle the higher number of vehicles in operation," it added.

Ola noted that its gross margins for second quarter stood at 20.6%.

"Our focus on technology and vertical integration has a road map to take steady state margins to above 30% even after incentives fall away," it added. Shares of the company ended 2.5% down at INR 72.7 apiece on BSE.

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