(Reuters) -Ola Electric, India’s top e-scooter maker by market share, reported a narrower second-quarter loss on Friday, helped by a jump in sales.
The Bengaluru-based company said its consolidated loss narrowed to 4.95 billion rupees ($58.7 million) in the July-September quarter from 5.24 billion rupees a year earlier.
Ola Electric, which went public in August, said its revenue jumped 39.1% to 12.14 billion rupees.
The company delivered 98,619 two-wheelers during the quarter, 73.6% more than a year earlier.
“Premium portfolio continues to be a major contributor in revenue,” the company said in a statement.
Expenses grew by 21.8%, with raw material costs — the company’s largest expense — rising by 46.7%. Raw material costs fell 18.2% sequentially.
Ola Electric will begin deliveries of its electric motorcycles launched earlier this year by March 2025, it said.
Its shares have fallen 5.5% since listing on Aug. 9.
($1 = 84.3410 Indian rupees)
(Reporting by Nandan Mandayam and Meenakshi Maidas in Bengaluru; Editing by Savio D’Souza and Mrigank Dhaniwala)
