ola: For first time, Ola mobility biz sees operating profit of Rs 90 crore

BENGALURU: The Bhavish Aggarwal-founded Ola reported an operating profit of Rs 89.8 crore for its mobility business, its first since it started operations a decade ago. The financial data was accessed by business intelligence platform Tofler. The profit is due to a tight lid on costs the company put in place, which dropped 75% to Rs 682 crore for the fiscal ended March 31, from Rs 2,683 crore in the year before. Operating revenue had plunged 65% to Rs 689 crore, from about Rs 2,000 crore, due to the pandemic. “Due to the prevailing Covid pandemic circumstance and nationwide lockdown imposed by the government of India, the revenue of the company had been impacted severely,” Ola said in the report. Last year, during the first wave, Ola said that its revenue had nosedived 95%. Aggarwal said in September the company’s gross merchandise value (GMV) had crossed the pre-pandemic levels in the last week of August and recovery from the second wave had been three times faster compared to the first wave.

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