Ola Electric Narrows Quarterly Loss on Cost Cuts
Ola Electric reported a narrower quarterly loss of 3.62 billion rupees as restructuring and cost controls lowered expenses. Revenue fell amid lower sales and rising competition.
Insights:
India's Ola Electric narrowed its second-quarter net loss to 3.62 billion rupees ($38.66 million) from 4.18 billion rupees a year earlier on aggressive cost-control measures. The electric-vehicle maker achieved a 28.4% reduction in quarterly expenses following workforce restructuring and tighter working-capital management. The narrowing losses arrive despite declining sales volumes and mounting competitive pressure in the domestic two-wheeler market.
