Ola Electric reports Rs 2,782 cr revenue in FY23, targets Ebitda profitability by FY25
IPO-bound Ola Electric has reported consolidated revenue of Rs 2,782 crore up nearly 510 percent in the financial year ended March 2023 (FY23) even as its net loss widened to Rs 1,472 crore on the back of an increase in its expenses, showed the company’s auditor signed financial statements shared with bankers and investors.
The firm had reported an Ebitda loss of Rs 1,318 crore in FY23. Its total expenses flared up to Rs 3,383 crore in FY23 as against expenditure of Rs 1,240 crore in FY22.
The company, in a note to investors and the bankers, said that it is targeting an Ebitda profitability of Rs 803 crore in FY25. The firm has also said that its Ebitda loss will come down to Rs 950 crore in FY24. The company has projected a revenue of Rs 4,655 crores in FY 24.
This comes at a crucial time for the EV maker as it is charting plans to go public by early January of 2024.
Ola Electric has transformed itself into a public company as an important step in preparation for its Initial Public Offering (IPO).
