Ola's net loss narrows to Rs 772 crore in FY23; total accumulated loss crosses Rs 20k crore

ANI Technologies, which operates under the Ola brand, on Thursday said its consolidated net loss narrowed to Rs 772.25 crore in the fiscal 2023, according to a regulatory filing.

The company posted a consolidated loss of Rs 1,522.33 crore in the financial year (FY) 2022.

The consolidated revenue from operations increased by about 48 per cent to Rs 2,481.35 crore in FY23 from Rs 1,679.54 crore in FY22.

On a standalone basis, ANI Technologies, which comprises a ride-hailing business, reported a narrowing of loss to Rs 1,082.56 crore in FY23 compared to a loss of Rs 3,082.42 crore in FY22.

The revenue from operations of ANI Technologies on a standalone basis increased by about 58 per cent to Rs 2,134.94 crore in FY23 from Rs 1,350.03 crore in FY22.

Ola Mobility business in India posted an operational profit of Rs 250 crore in FY23 from EBIDTA ( earnings before interest, taxes, depreciation, and amortisation) loss of Rs 66 crore.

At the group level, Ola reported a narrowing of operational loss to Rs 29 crore in FY23 from a loss of Rs 291 crore in FY22.

The total accumulated loss of ANI Technologies at the group level increased to Rs 20,223.45 crore, and on a standalone basis, it is Rs 19,649.27 crore as of March 31, 2023.

The company has received a total funding of about Rs 31,441 crore.