Ride-hailing major Ola's revenues managed to recover in fiscal 2022 after a pandemic-hit FY21, but losses widened to over Rs 1,500 crore for the company.
Ola's parent, ANI Technologies Pvt., posted a top line of Rs 1,970.4 crore in FY22, up from about Rs 983.1 crore in FY21, where its ride hailing business was severely impacted due to Covid-related lockdowns. In FY22 as well, the company's core business was hit.
The company's loss widened to Rs 1,522 crore in FY22 from Rs 1,116 crore in FY21, according to filings sourced from Tofler. Ola's annual financial statement for FY22 has been filed after a delay of over a year.
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.
However, the net worth of its assets and liabilities is positive at Rs 3,389 crore, up from Rs 2,687.6 crore in FY21, according to its balance sheet. "The group's current assets exceed its current liabilities by Rs 5,110.9 crore as of March 31, 2022," it said. "Considering these, the management is confident of meeting its operating and capital requirements and the continued business operation in the foreseeable future."
ANI Technologies' results for FY22 covered earnings from its ride-hailing business, used-car business, cloud kitchen, and store businesses. But Ola ceased operations of these subsidiaries "to focus its resources on ride-hailing cabs and financial services businesses" in FY22. The financial statement doesn't cover Ola's new EV manufacturing business, which is housed under a separate company called Ola Electric Mobility Pvt.
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