By Bhavya Dilipkumar
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.
Moneycontrol has seen the copy of the financial statements.
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.
Ola is also estimating its sales to touch 0.3 million in FY 24 and 0.9 million by FY 25; in FY 23 Ola sold 0.15 million units of EVs.
“The company plans to achieve EBITDA profitability by FY 25 of 6.6% -Ola will be one of the fastest EV companies to reach profitability,” the note said.
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).
Moneycontrol was the first to report that Ola Electric had roped in Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO).
In a media interaction, the company’s chief executive officer, Bhavish Aggarwal said that the FY23 financials will be a positive surprise.
“FY22 was an investment year for us, we started our sales only in January 2022 and FY23 has been a very strong revenue year for us and the bottom line has improved significantly. This year we may not be able to share a forecast, but it will be positively surprising to see the numbers,” he said.
Ola Electric saw its losses widen around 293 percent to Rs 784 crore in FY22 as against a loss of Rs 199 crore last year as its expenses zoomed to Rs 1,240 crore. The company’s expenses have skyrocketed by around 306 percent year-on-year (YoY).
The firm reported consolidated revenue from operations of Rs 373 crore in FY22, up nearly 400 times year-on-year (YoY) against the revenue reported last financial year at Rs 0.86 crore as it began selling its two-wheeler during December 2021.
Ola Electric announced on October 26 that it has closed a Rs 3,200 crore (approximately $380 million) funding round with a mix of debt and equity from Temasek-led prominent investors and debt from the State Bank of India (SBI).