Ola Electric shares surge 16% after revenue jumps 32% YoY, motorcycle launch
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Shares of electric scooter maker Ola Electric surged 15.8% to a day’s high of Rs 128 on the BSE after the company announced a 32% YoY increase in revenue for the first quarter of FY25, reaching Rs 1,644 crore. The company also launched its electric motorcycle, the Roadster, on August 15. Quarterly results The company reported a year-on-year (YoY) revenue increase, but the quarterly loss widened to Rs 347 crore, up from Rs 267 crore in the same quarter of the previous year. The firm's automotive division saw total income increase by 34% to Rs 1,722 crore, though the loss after tax widened to Rs 233 crore from Rs 189 crore a year ago. The battery division reported an income of Rs 5 crore for the quarter, with a loss after tax of Rs 37 crore. Ola Electric's revenue increased from Rs 1,671 crore in the last quarter of FY24, and its net loss narrowed from Rs 416 crore reported for the quarter ended March 31, 2024. Electric motorcycle l...