Ola Consumer, led by Bhavish, experiences 21% revenue drop in FY24
Click to start listening
Synopsis
In FY24, Ola Consumer, under Bhavish Aggarwal's leadership, reported a significant 21% decrease in consolidated revenue. The company continues to innovate with premium services and electric vehicle integration despite challenges in the market.
Key Takeaways
- Ola Consumer reported a 21% revenue decline in FY24.
- Consolidated revenue fell to Rs 2,368 crore.
- ANI Technologies' standalone revenue decreased to Rs 1,906 crore.
- Ola achieved profitability in mobility and financial services.
- Ola Electric Mobility faced a net loss of Rs 564 crore in Q3 FY25.
New Delhi, Feb 13 (NationPress) Bhavish Aggarwal-led Ola Consumer, the operator of the cab-hailing platform, announced a 21 percent drop in its consolidated revenue from operations and other income for the fiscal year FY24. The company's consolidated revenue plummeted by 21.06 percent to Rs 2,368 crore compared to Rs 3,000 crore in FY23.
Additionally, its parent entity, ANI Technologies, recorded a standalone revenue of Rs 1,906 crore for FY24, a decrease from Rs 2,135 crore in the prior year.
Ola Consumer has reported achieving profitability at the EBITDA level in both the mobility and financial services divisions during FY24.
As per the company's statements, the full-year EBITDA (excluding discontinued operations) surged to Rs 271 crore from Rs 87 crore the previous year.
Ola Consumer has broadened its ride-hailing services by launching premium options like Prime Plus and expanding two- and three-wheeler mobility solutions in tier 2 and 3 cities. The company also continues to integrate electric vehicles into its fleet, noting their lower operational costs and heightened demand.
In August, Ola introduced Ola Coin, a rewards program that provides incentives for transactions across its mobility, e-commerce, and logistics services.
Meanwhile, Ola Electric Mobility reported a staggering net loss of Rs 564 crore in the third quarter (Q3 FY25), marking a 13.94 percent increase from a net loss of Rs 495 crore in the preceding quarter (Q2 FY25).
Year-on-year (YoY), the net loss expanded from Rs 376 crore in the same quarter last year (Q3 FY24), representing a steep 50 percent rise.
In its stock exchange disclosure, the company cited the rise in losses to highly competitive intensity and service challenges faced during the quarter.
The company's revenue from operations declined by 19.36 percent YoY to Rs 1,045 crore in Q3 from Rs 1,296 crore in the same period last year.
