Ola files its financial statements of FY22 after a long delay and widening its losses
Ola Financial Statements: What were Ola's results and for which financial year were they filed?
The results posted were for FY22 and widened the losses for the company in spite of doubling the revenues. The topline of the company was Rs 1,970.4 crore as posted by Ola’s parent ANT Technologies. However losses for the company widened to over 1,522 crore for the company. The expenses for the company surged by 67.5% to Rs 3,362 crore in FY22 due to rise in cost of materials and employee benefit expenses , among others. In FY22, Ola derived about 61% of its revenue or Rs1,208.6 from its ride-hailing business in India, which also posted a loss of Rs101 crore.
What was the topline and bottom line in FY21 for the company and the accumulated losses till date?
The topline of the company for FY21 was Rs 983.1 crores and the losses for the period amounted to Rs 1,116 crores which was severely impacted due to Covid related lockdowns. The company has been incurring losses and reported a total accumulated loss of Rs 19,474 crore at the end of FY22, up from Rs 17,452.6 crore in FY21.
Which are the different businesses that Ola is operating in ?
The group’s business extends beyond mobility, with added financial services offerings including payment systems, insurance agents and cloud kitchens, among others. Most of Ola’s losses came from its ‘Other’ segment, which comprises cab hailing business outside India, business of buy and sell of used cars, cloud kitchens and stores business. The segment reported a revenue of Rs 666.4 crore during the year and a loss of Rs 725 crore.
Has there been any impact on Ola’s valuation in the recent months ?
There has been a markdown in Ola’s valuation. Recently , one of its investors US investment firm Vanguard , again slashed the Bengaluru – based company’s valuation in its books amid a slowdown in the global startup ecosystem that has impacted market capitalization of the company.
What is the current valuation of Ola after such markdown ?
The latest cut values Ola at about $3.6 billion, after factoring in foreign currency fluctuations that brings down the dollar valuation of India-incorporated companies due to the depreciation of the Indian currency against the greenback.