 "Ola provides ferry service in water-logged areas")
Ola’s parent entity ANI Technologies reported revenue of Rs 2,799 crore, a 42 per cent growth, during the fiscal year ending March 2023 as compared to Rs 1,970 crore in FY22, as per the audited consolidated financial results.
The firm also has cut down its losses by nearly 50 per cent to Rs 772 crore during FY23 compared to Rs 1,522 crore in FY22, according to media platform Entrackr.
Ola operates various verticals such as mobility, financial services, and cab-hailing business.
Ola Money, which operates as a financial services platform, reported a revenue of Rs 85.5 crore in FY23. It posted a loss of Rs 54.6 crore.
The revenue of Ola Fleet Technologies was Rs 189.9 crore with a loss of Rs 387.6 crore in FY23.
The company’s food delivery unit Pisces Services and grocery unit Ola Stores Technologies reported revenues of Rs 1.28 crore and Rs 22.4 crore with losses of Rs 106.35 crore and Rs 81.15 crore, respectively, according to Entrackr.
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On a standalone basis, Ola’s ride-hailing business revenue stood at Rs 1,987 crore with a loss of Rs 1,082 crore during FY23.
These developments come a day after Ola's direct rival Uber reported FY23 numbers. Uber India reported a 54 per cent increase in consolidated revenue at Rs 2,666 crore in the financial year ended March of 2023 (FY23). This was driven by strong demand in its ride-hailing business and growth in the support and services functions.
Initial public offering (IPO)-bound Ola Electric Mobility Business recently said it registered strong growth as total revenue has gone up by 510 per cent to Rs 2,782 crore in FY23 from Rs 456 crore in FY22. Total revenue includes revenue from operations and other income.
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) profit/loss for FY23 improved from 157 per cent in FY22 to 43 per cent in FY23.
Ola Electric’s net loss reportedly doubled to about Rs 1,472 crore in FY23 from Rs 784.1 crore in the previous financial year, as expenses surged significantly.
