New Delhi, Feb 13 (IANS) Bhavish Aggarwal-run Ola Consumer, which runs the cab-hailing service, on Thursday reported 21 per cent decline in its consolidated revenue from operations and other income for the last fiscal (FY24).
The company’s consolidated revenue from operations and other income decreased by 21.06 per cent to Rs 2,368 crore as compared to Rs 3,000 crore in FY 23.
Meanwhile, its parent company ANI Technologies’ standalone revenue stood at Rs 1,906 crore in FY24, down from Rs 2,135 crore in the previous year.
Ola Consumer said it achieved profitability at the EBITDA level in the mobility and financial services segment in FY24.
According to the company, it’s full year EBITDA (excluding discontinued operations) grew significantly to Rs 271 crore from Rs 87 crore last year.
Ola Consumer has expanded its ride-hailing offerings, introducing premium services such as Prime Plus and expanding its two- and three-wheeler mobility services in tier 2 and 3 cities. It continued to induct electric vehicles into its fleet, citing their lower operational costs and increased demand.
In August, Ola launched Ola Coin, a rewards programme that offers incentives for transactions across its mobility, e-commerce, and logistics services.
Meanwhile, Ola Electric Mobility reported a massive net loss of Rs 564 crore in the third quarter (Q3 FY25), an increase of 13.94 per cent compared to a net loss of Rs 495 crore in the previous quarter (Q2 FY25).
On a year-on-year (YoY) basis, the net loss widened from Rs 376 crore in the same quarter last year (Q3 FY24) – a steep 50 per cent increase.
In its stock exchange filing, the company attributed the increased losses to “highly competitive intensity and service challenges” during the quarter.
The company’s revenue from operations fell by 19.36 per cent YoY to Rs 1,045 crore in Q3 from Rs 1,296 crore in the year-ago period.
–IANS
avs/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
