Ola reports first operating profit, logs Rs 89.82 crore net in 2020-21

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Ola has reported its first operating profit of Rs 89.82 crore for 2020-21, though the revenue fell by 65% to Rs 689.61 crore amid Covid-19 induced lockdowns. According to the regulatory documents flied by the parent company of Ola, ANI Technologies, the company had logged standalone operating profit (Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA)) of Rs 89.82 crore in FY21 on a standalone basis, while it had registered a loss of Rs 610.18 crore in the preceding fiscal year.

GMV crosses pre-Covid levels in September

The ride hailing platform accounted for a majority share of the consolidated revenue for the IPO-bound company. On a consolidated basis, ANI Technologies which also has food delivery and financial services offerings, witnessing its operational loss narrowing to Rs 429.20 crore in FY 21, while revenue slipped by 63% to Rs 983.15 crore.

The company’s ride hailing businesses, like many other sectors were adversely impacted by the Covid-19 pandemic that confined people within their homes. In addition to that, offices were shut and only frontline workers being allowed to travel, cab aggregators saw their revenues fell sharply last year.

Bhavish Aggarwal, Ola co-founder had said the company’s GMV (Gross Merchandise Value) had crossed pre-Covid levels in September, and the recovery from the second wave had been three times faster compared to that after the first wave.

Also, he had noted that Ola had added 10 million new users in 2020-21, and that the company is working on onboarding more driver-partners, entering new cities, and building new products to better serve mobility needs post-Covid.