Ola, the ride-hailing giant, has posted robust financials for the fiscal year 2022-23, marking a significant milestone in its financial performance. According to the audited financial results available on Ola's website, ANI Technologies, Ola's parent company, witnessed a remarkable 42% growth in revenue, reaching Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22.
One of the noteworthy achievements is the substantial reduction in losses by almost 50%, with Ola managing to cut down its losses to Rs 772 crore in FY23, a considerable improvement from Rs 1,522 crore in FY22.
Ola's financial success is attributed to its diverse business segments. Ola Money, a significant contributor, reported revenue of Rs 85.5 crore, accompanied by a loss of Rs 54.6 crore. Additionally, Ola Fleet Technologies, the cab leasing arm, generated revenue of Rs 189.9 crore but recorded a loss of Rs 387.6 crore in FY23.
Comparing this performance to the previous fiscal year, Ola showcased resilience and recovery from the pandemic's impact on the global mobility business. In FY22, Ola's consolidated operating revenue increased from Rs 983.2 crore to Rs 1,970 crore.
Bhavish Aggarwal, leading Ola, steered the company through challenging times, widening net losses in FY22 but successfully reversing the trend in FY23. Meanwhile, Ola Electric, preparing for its IPO, filed its draft red herring prospectus (DRHP) with SEBI, indicating the company's commitment to further growth.
Ola Electric's financials revealed a net loss of Rs 1,472 crore in FY23, nearly doubling from Rs 784.1 crore in the previous fiscal year. The increased expenses, totaling Rs 3,383 crore, resulted in an EBITDA loss of Rs 1,318 crore, compared to Rs 1,240 crore in FY22. Despite the challenges, Ola Electric's IPO plans include a fresh issue component of Rs 5,500 crore, signaling confidence in the market.
(With Agency Inputs)
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