BOARD'S REPORT
Dear Shareholders,
The Board of Directors of the Company (hereinafter referred to as the Board) is pleased
to present its 8th Board's Report ("Report") on the business,
operations, and performance of Ola Electric Mobility Limited ("the Company" or
"OEM") together with the audited financial statements for the financial year
ended on March 31, 2025.
This Report has been prepared in compliance with the applicable provisions of the
Companies Act, 2013, (including any statutory modification(s) or re-enactment(s) thereof,
for the time being in force) ("Act") and the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended
("SEBI Listing Regulations").
The key financial highlights of the Company on a standalone and consolidated basis are
as follows:
1. FINANCIAL HIGHLIGHTS
|
|
|
(Rs.in Crores except per share data) |
|
STANDALONE |
CONSOLIDATED |
PARTICULARS |
FY 2024-25 |
FY 2023-24 |
FY 2024-25 |
FY 2023-24 |
Revenue from operations and other income |
195 |
202 |
4932 |
5243 |
Total Expenses |
140 |
221 |
6253 |
6277 |
Profit/ Loss before finance cost, depreciation, amortisation,
exceptional item and tax |
55 |
-19 |
-1321 |
-1034 |
Finance cost, Depreciation & Amortization |
-95 |
-8 |
-932 |
-544 |
Adjustment for Extra ordinary/Exceptional items |
0 |
0 |
-23 |
-6 |
Loss Before Tax |
-40 |
-27 |
-2276 |
-1584 |
Less: Tax Expenses |
0 |
0 |
0 |
0 |
Loss for the year |
-40 |
-27 |
-2276 |
-1584 |
Other comprehensive loss |
1 |
0 |
17 |
-3 |
Total comprehensive loss carried to Balance Sheet |
-39 |
-27 |
-2259 |
-1587 |
Loss per equity share of face value I 10 each |
|
|
|
|
Basic |
-0.10 |
-0.07 |
-5.48 |
-4.35 |
Diluted |
-0.10 |
-0.07 |
-5.48 |
-4.35 |
2. STATE OF THE COMPANY'S AFFAIRS / OVERVIEW:
The financial year 2024-25 was a significant year in the Company's journey towards its
mission of accelerating India's transition to electric mobility and achieving its vision
of #EndICEAge. While the Company delivered industry-leading products underpinned by deep
technological innovation, it also encountered valuable learnings with respect to
operational execution and risk management, which have informed a sharper focus on
balancing growth with profitability.
During the year, the electric two-wheeler (E2W) market experienced
slower-than-anticipated penetration growth, and the Company faced challenges in market
share and execution as it pursued rapid expansion in sales and service operations.
Despite these headwinds, the Company achieved several major milestones:
Successful Public Listing: The Company became India's first and largest electric
vehicle (EV) company to go public in August 2024, a landmark moment in the evolution of
India's EV ecosystem.
Gigafactory Commissioning and Cell Manufacturing: The Company completed the
commissioning of its state-of-the-art Gigafactory in record time and commenced production
of its indigenously developed Bharat Cell, strengthening vertical integration and supply
chain resilience.
Industry Leadership: Ola Electric continued to lead the E2W segment, with
cumulative sales of approximately 9.7 lakh units since inception- almost equivalent to the
next two competitors combined. In FY25 alone, the Company registered sales of over 3.4
lakh units, exceeding the volumes of the next-largest player by more than 1 lakh units.
Product Portfolio Expansion: The Company launched its Gen 3 platform, delivering
significant improvements in performance and efficiency. This included the launch and
delivery of the S1 Pro+, and the versatile S1 and S1 X variants. The Gen 3 platform
delivers up to 20% higher peak power, 20% greater range, and an 11% cost reduction
compared to the previous generation.
Distribution Network Expansion: The Company scaled its physical presence to over
4,000 customer touchpoints, establishing India's largest EV distribution network with
strong penetration into Tier-3 cities and rural markets. A comprehensive Network
Transformation initiative was also completed to enhance delivery timelines and optimize
inventory management.
As FY2024-25 concludes, the Company is strategically positioned to lead the next phase
of India's EV adoption. With a proven Gen 3 platform, upcoming expansion into electric
motorcycles, deeper vertical integration, and the foundation of a robust nationwide
distribution and service network, Ola Electric has built the necessary capabilities to
sustain industry leadership.
In FY2025-26, the Company will focus on scaling revenues, driving operating leverage,
and advancing toward sustainable profitability. A strong product pipeline, continued
investments in research and development, and a vertically integrated manufacturing and
service ecosystem will underpin the Company's efforts to accelerate EV adoption across
both scooters and motorcycles in India.
3. REPORT ON THE PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:
As on March 31, 2025, the Company has a total of five (5) subsidiaries, comprising
three (3) Indian subsidiaries and two (2) foreign subsidiaries. In addition, the Company
has five (5) step-down foreign subsidiaries. The Company does not have any associate
companies or joint venture entities as on the date of this Report.
The details of the Company's subsidiaries are as follows:
Sr. No. |
Name of the company |
Category |
Date of becoming Subsidiary/ JV/ Associate company |
1 |
Ola Electric Technologies Private Limited |
Wholly Owned Indian Subsidiary |
January 06, 2021 |
2 |
Ola Electric Charging Private Limited |
Wholly Owned Indian Subsidiary |
December 21, 2021 |
3 |
Ola Cell Technologies Private Limited |
Wholly Owned Indian Subsidiary |
July 05, 2022 |
4 |
Ola Electric Mobility Inc. |
Wholly Owned Foreign Subsidiary |
May 29, 2019 |
5 |
Ola Electric Mobility B.V. (OEM B.V.) |
Wholly Owned Subsidiary |
April 29, 2020 |
6 |
Etergo B.V. |
Step down foreign subsidiary (Wholly Owned Subsidiary of OEM B.V. ) |
May 26, 2020 |
7 |
Etergo Operations B.V. |
Step down foreign subsidiary (Wholly Owned Subsidiary of Etergo B.V,.) |
May 26, 2020 |
8 |
Ola Electric Technologies B.V. |
Step down foreign subsidiary (Wholly Owned Subsidiary of OEM B.V. ) |
May 27, 2022 |
9 |
Ola Electric UK Private Limited |
Step down foreign subsidiary (Wholly Owned Subsidiary of OEM B.V.) |
January 21, 2021 |
10 |
EIA Trading (Shanghai) Co. Ltd. |
Step down foreign subsidiary (Wholly Owned Subsidiary of OEM B.V.) |
May 26, 2023 |
During the financial year under review, the Company did not incorporate, liquidate,
close, or strike off any subsidiary companies. Additionally, there were no divestments or
reductions in stake in any of the Company's subsidiaries provided above.
There has been no material change in the nature of the business of the subsidiary
companies during the year.
Report on Subsidiary of Company: Pursuant to the provisions of Section 129 (3) of the
Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement
containing the salient features of the financial statements and highlights of the
performance of the subsidiaries is provided in Form AOC -1, which is annexed to this
Report and marked as Annexure - I and forms an integral part of this Report.
Financial Statements of Subsidiaries: The financial and operational contributions of
the subsidiaries have been consolidated and disclosed in the Consolidated Financial
Statements of the Company for the financial year ended March 31, 2025, which forms part of
this Annual Report.
In accordance with the provisions of Section 136 of the Companies Act, 2013, the
audited standalone financial statements of the Company's subsidiaries are available on the
Company's website at: https://www.olaelectric. com/investor-relations/financials
Policy for Material Subsidiary: Pursuant to Regulation 16(1)(c) of the SEBI Listing
Regulations and in accordance with the Company's policy for Determining Material
Subsidiaries, Ola Electric Technologies Private Limited and Ola Cell Technologies Private
Limited continue to be identified as material subsidiaries of the Company. The said policy
is available on the Company's website at https://www.olaelectric.com/investor-relations/policies
Consolidated Financial Statements- The Consolidated Financial Statements of the Company
and its subsidiaries prepared in accordance with the Act and applicable Indian Accounting
Standards along with all relevant documents and the Auditors' Report forms part of the
Annual Report and the audited consolidated financial statements of the Company are
available on the Company's website at: https://www.olaelectric.
com/investor-relations/financials.
4. CHANGE IN NATURE OF BUSINESS:
During the financial year under review, there has been no change in the nature of the
business carried on by the Company.
5. DIVIDEND / DIVIDEND DISTRIBUTION POLICY
During the financial year under review, the Board has not recommended any dividend on
equity shares.
In accordance with Regulation 43A of the SEBI Listing Regulations, the Company has
formulated a Dividend Distribution Policy to provide a clear framework for dividend
distribution to its stakeholders. The Policy outlines various internal and external
factors that the Board will consider while determining dividend payouts.
The Dividend Distribution Policy is available on the Company's website at: https://www.olaelectric.com/investor-relations/policies
6. TRANSFER TO RESERVES:
During the financial year under review, the Company did not transfer any amount to the
reserves
7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND & UNPAID DIVIDEND:
During the financial year under review, the Company was not required to transfer any
funds or equity shares to the Investor Education and Protection Fund (IEPF) pursuant to
the provisions of Section 125 of the Act. The Company also does not have any unclaimed
dividend pending transfer to the Unpaid Dividend Account.
8. CAPITAL STRUCTURE:
Authorized Share Capital:
The Authorized Share Capital of the Company as on March 31, 2025 is INR
8,318,49,98,850/- (Indian Rupees Eight Thousand Three Hundred Eighteen Crore Forty-Nine
Lakhs Ninety-Eight Thousand Eight Hundred Fifty Only) divided into:
I. 479,66,26,443 (Four Hundred Seventy-Nine Crores, Sixty-Six Lakhs, Twenty Six
Thousand, Four Hundred Forty-Three) equity shares of face value INR 10/- (Indian Rupees
Ten only) each;
II. 43,81,62,753 (Forty-Three Crores Eighty-One Lakh Sixty-Two Thousand Seven Hundred
Fifty- Three) Series A preference shares of face value INR 10/- each;
III. 14,25,44,269 (Fourteen Crores Twenty-Five Lakh Forty-Four Thousand Two Hundred
Sixty-Nine) Series A1 preference shares of face value INR 10/- each;
IV. 84,70,75,656 (Eighty-Four Crores Seventy Lakh Seventy-Five Thousand Six Hundred
Fifty-Six) Series B preference shares of face value INR 10/- each;
V. 24,08,23,765 (Twenty-Four Crores Eight Lakh Twenty-Three Thousand Seven Hundred
Sixty- Five) Series C preference shares of face value INR 10/- each;
VI. 4,50,44,769 (Four Crores Fifty Lakh Forty-Four Thousand Seven Hundred Sixty-Nine)
Series C1 preference shares of face value INR 10/- each;
VII. 15,00,00,000 (Fifteen Crores) Series D Compulsorily Convertible Preference Shares
of face value INR 10/- each; and
VIII. 165,82,22,230 (One Hundred Sixty-Five Crores Eighty-Two Lakhs Twenty-Two Thousand
Two Hundred Thirty) Series E preference shares of face value INR 10/- each.
During the financial year under review, the Company amended its Authorized Share
Capital with the approval of the shareholders. The details of the amendment are provided
in the table below:
Date of shareholders resolution |
Details of amendment |
June 17, 2024 |
Reclassification of the authorized share capital of the Company by
cancellation of authorized preference share capital of the Company of INR
35,21,87,34,420/- (Indian Rupees Three Thousand and Five Hundred Twenty One Crores Eighty
Seven Lakhs Thirty Four Thousand Four Hundred Twenty Only) divided into 352,18,73,442
Compulsory Convertible Preference Shares ('CCPS') (Series A, Series A1, Series B, Series
C, Series C1, Series D & Series E) (Three Hundred and Fifty Two Crores Eighteen Lakhs
and Seventy Three Thousand Four Hundred Forty-Two Only) of INR 10/- (Indian Rupees Ten
Only) each and to increase the existing authorised equity share capital of the Company by
INR 35,21,87,34,420/- (Indian Rupees Three Thousand and Five Hundred Twenty One Crores
Eighty Seven Lakhs Thirty Four Thousand Four Hundred Twenty Only) divided into
352,18,73,442 (Three Hundred and Fifty-Two Crores Eighteen Lakhs and Seventy-Three
Thousand Four Hundred Forty-Two Only) Equity Shares of INR 10/- (Indian Rupees Ten Only)
each. |
July 19, 2024 |
Increase in the authorized share capital of the Company from INR
5918,49,98,850/- (Indian Rupees Five Thousand Nine Hundred and Eighteen Crores, Forty-Nine
Lakh, Ninety-Eight Thousand, Eight Hundred Fifty Only) divided into: |
|
I. 239,66,26,443 (Two Hundred Thirty-Nine Crores, Sixty-Six Lakh
Twenty- Six Thousand, Four Hundred Forty-Three) equity shares of INR 10/- (Indian Rupees
Ten Only) each |
|
II. 43,81,62,753 (Forty-Three Crores Eighty-One Lakh Sixty-Two
Thousand Seven Hundred Fifty-Three) Series A preference shares of face value of INR 10/-
(Indian Rupees Ten only) each; |
|
III. 14,25,44,269 (Fourteen Crores Twenty-Five Lakh Forty-Four
Thousand Two Hundred Sixty-Nine) Series A1 preference shares of face value of INR 10/-
(Indian Rupees Ten only) each; |
|
IV. 84,70,75,656 (Eighty-Four Crores Seventy Lakh Seventy-Five
Thousand Six Hundred Fifty-Six) Series B preference shares of face value of INR 10/-
(Indian Rupees Ten only) each; |
|
V. 24,08,23,765 (Twenty-Four Crores Eight Lakh Twenty-Three Thousand
Seven Hundred Sixty-Five) Series C preference shares of face value of INR 10/- (Indian
Rupees Ten only) each; |
|
VI. 4,50,44,769 (Four Crores Fifty Lakh Forty-Four Thousand Seven
Hundred Sixty-Nine) Series C1 preference shares of face value of INR 10/- (Indian Rupees
Ten only) each; |
|
VII. 15,00,00,000 (Fifteen Crore) Series D Compulsorily Convertible
Preference Shares of face value of INR 10/- (Indian Rupees Ten Only) each; and |
|
VIII. 1,65,82,22,230 (One Hundred Sixty-Five Crores Eighty-Two Lakhs
Twenty-Two Thousand Two Hundred Thirty) Series E preference shares of face value of INR
10/- (Indian Rupees Ten only) each |
Date of shareholders resolution |
Details of amendment |
July 19, 2024 |
|
July 19, 2024 |
INR 8318,49,98,850/- (Indian Rupees Eight Thousand Three Hundred
Eighteen Crores, Forty-Nine Lakhs, Ninety-Eight Thousand, Eight Hundred Fifty Only)
divided into: |
|
I. 479,66,26,443/- (Four Hundred Seventy -Nine Crores, Sixty-Six
lakhs, Twenty-Six Thousand, Four Hundred Forty-Three) equity shares of INR 10/- (Indian
Rupees Ten Only) each; |
|
II. 43,81,62,753 (Forty-Three Crore Eighty-One Lakh Sixty-Two Thousand
Seven Hundred Fifty-Three) Series A preference shares of face value of INR 10/- (Indian
Rupees Ten only) each; |
|
III. 14,25,44,269 (Fourteen Crore Twenty-Five Lakh Forty-Four Thousand
Two Hundred Sixty-Nine) Series A1 preference shares of face value of INR 10/- (Indian
Rupees Ten only) each; |
|
IV. 84,70,75,656 (Eighty-Four Crore Seventy Lakh Seventy-Five Thousand
Six Hundred Fifty-Six) Series B preference shares of face value of INR 10/- (Indian Rupees
Ten only) each; |
|
V. 24,08,23,765 (Twenty-Four Crore Eight Lakh Twenty-Three Thousand
Seven Hundred Sixty-Five) Series C preference shares of face value of INR 10/- (Indian
Rupees Ten only) each; |
|
VI. 4,50,44,769 (Four Crore Fifty Lakh Forty-Four Thousand Seven
Hundred Sixty-Nine) Series C1 preference shares of face value of INR 10/- (Indian Rupees
Ten only) each; |
|
VII. 15,00,00,000 (Fifteen Crore) Series D Compulsorily Convertible
Preference Shares of face value of INR 10/- (Indian Rupees Ten Only) each; and |
|
VIII. 165,82,22,230 (One Hundred Sixty-Five Crore Eighty-Two Lakhs
Twenty-Two Thousand Two Hundred Thirty) Series E preference shares of face value of INR
10/- (Indian Rupees Ten only) each. |
Issued, Subscribed and Paid Up Share Capital:
The Issued, Subscribed and Paid Up Share Capital of the Company as on March 31, 2025 is
INR 44,10,82,98,850/- (Indian Rupees Four Thousand Four Hundred Ten Crores Eighty-Two Lakh
Ninety-Eight Thousand Eight Hundred Fifty Only) divided into 4,41,08,29,885 (Four Hundred
Forty-One Crores Eight Lakh Twenty-Nine Thousand Eight Hundred Eighty-Five Only) equity
shares of Rs.10/- each.
During the period under review, the Company allotted the following equity shares:
Sr. No. |
Date of Board / Shareholder's approval |
Nature of Transactions |
No. of Shares |
1. |
June 17, 2024 |
Conversion of 154,55,37,269 Series C, C1, D and E Compulsorily
Convertible Preference Shares to Equity Shares |
43,64,16,377 |
2. |
July 19,2024 |
Conversion of 142,77,82,678 Series A, A1 and B Compulsory Convertible
Preference Shares to 129,52,05,909 Equity Shares |
129,52,05,909 |
3. |
August 07, 2024 |
Pursuant to listing of shares on BSE Limited and National Stock
Exchange of India Limited, 808,699,624 equity shares were allotted to the respective
applicants under various categories. |
8,07,90,252 equity shares to retail individual investors; 121,185,378
equity shares to noninstitutional investors, 60,59,26,893 equity shares to qualified
institutional buyers that includes 36,35,56,135 to anchor investors and 7,97,101 to
employee reservations |
EQUITY SHARES WITH DIFFERENTIAL RIGHTS AND SWEAT EQUITY SHARES:
During the financial year under review, the Company did not issue any equity shares
with differential rights as to dividend, voting or otherwise, nor did it issue any sweat
equity shares, in accordance with the provisions of the Companies Act, 2013 and applicable
rules made there under.
9. DEBENTURES:
As on March 31, 2025, the Company had 61,000 Redeemable Non-Convertible Debentures
(NCD) having a face value of INR 1,00,000 (Indian Rupees One Lakh only) each.
During the financial year under review, the Company allotted the following NCDs:
Sr. No |
Date of Board / Shareholder's approval |
Nature of Transactions |
No. of Debentures |
1 |
15 May 2024 |
Allotment of unlisted, secured redeemable nonconvertible debentures on
a private placement basis to Stride Ventures |
10,000 |
2 |
29 June 2024 |
Allotment of unlisted, secured redeemable nonconvertible debentures on
a private placement basis to Alteria Capital India Fund II - Scheme I |
6,000 |
3 |
29 June 2024 |
Allotment of unlisted, secured redeemable nonconvertible debentures on
a private placement basis to Alteria Capital Fund III |
4,000 |
10. LISTING ON STOCK EXCHANGES:
During the financial year under review, the equity shares of the Company were listed on
BSE Limited ("BSE") and the National Stock Exchange of India Limited
("NSE") with effect from August 09, 2024.
The Company successfully completed its Initial Public Offering (IPO) of 80,86,99,624
equity shares of face value Rs.10 each, aggregating to Rs.61,45.56 crores. The IPO
comprised:
A fresh issue of 72,37,57,627 equity shares, aggregating to Rs.5,500 crores, and
An offer for sale of 8,49,41,997 equity shares, aggregating to Rs.6,45.56
crores.
The issue was open for subscription from August 2, 2024 to August 6, 2024, and was led
by the following Book Running Lead Managers (BRLMs):
Kotak Mahindra Capital Company Limited
BofA Securities India Limited
Axis Capital Limited
SBI Capital Markets Limited
Citigroup Global Markets India Private Limited
Goldman Sachs (India) Securities Private Limited
ICICI Securities Limited
BoB Capital Markets Limited
The details of the proceeds from the Fresh Issue are set forth below:
1 Particulars |
Amount (in Rs.Cr) |
Gross Proceeds from Fresh Issue |
Rs.5500 |
(Less) Net of provisional IPO expense |
Rs.224.940 |
In accordance with Regulation 41 of the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"),
as amended, the Company has appointed ICRA Limited as the Monitoring Agency to monitor the
utilisation of IPO proceeds. The Monitoring Agency has issued periodic monitoring reports
confirming no deviation or variation in the utilisation of the IPO proceeds from the
objects stated in the Prospectus dated August 6, 2024.
The Directors would like to place on record their sincere appreciation and gratitude
to:
The Merchant Bankers: Kotak Mahindra Capital Company Limited, BofA Securities
India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets
India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities
Limited, and BoB Capital Markets Limited;
The Legal Advisors: Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas &
Co., Latham & Watkins LLP, and Linklaters Singapore Pte. Ltd. for their invaluable
contribution towards the successful completion of the IPO and listing of the Company's
equity shares.
Your Directors also express their deep appreciation to the regulators, particularly
SEBI and the Registrar of Companies, for their continued support and guidance during the
IPO process.
Lastly, the Directors would like to extend their heartfelt thanks to all shareholders
for their participation in the IPO and for placing their continued trust and confidence in
the Company and its management.
11. CORPORATE SOCIAL RESPONSIBILITY
In terms of the provisions of Section 135 of the Act, read with Companies (Corporate
Social Responsibility Policy) Rules, 2014, (as amended) the Board has constituted a
Corporate Social Responsibility ("CSR") Committee. Further, in view of the
losses incurred by the Company during the previous financial year, the Company has no
obligation for spending CSR during the financial year.
The Company has in place a CSR Policy that articulates its philosophy and approach
towards fulfilling its social responsibility. The policy lays down the guiding principles
and mechanisms for undertaking socially impactful programs that promote the welfare and
sustainable development of the community, especially in areas surrounding the Company's
operations. The CSR Policy is available on the Company's website at: https://www.
olaelectric.com/investor-relations/policies.
The Annual Report on CSR activities for the financial year 2024-25, prepared in
accordance with Sections 134 and 135 of the Act read with Rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014 (as amended) and Rule 9 of the
Companies (Accounts) Rules, 2014, is annexed to this Report and marked as Annexure-II.
12. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
In accordance with the provisions of Section 177(9) and 177(10) of the Companies Act,
2013 ("the Act") read with Rule 7 of the Companies (Meetings of Board and its
Powers) Rules, 2014, and Regulation 22 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Company has
established a Vigil Mechanism and adopted a Whistle Blower Policy.
The Company is committed to upholding the highest standards of integrity, transparency,
professionalism, and ethical conduct in all its dealings. The Whistle Blower Policy
provides a framework and mechanism for directors, employees, and other stakeholders to
report genuine concerns regarding unethical behavior, actual or suspected fraud, or
violations of the Company's Code of Conduct, without fear of retaliation. The Policy also
ensures direct access to the Chairperson of the Audit Committee.
The Whistle Blower Policy is available on the Company's website at: https://www.olaelectric.
com/investor-relations/policies
During the financial year under review, the Company did not receive any complaints
under the Vigil Mechanism.
13. RISK MANAGEMENT:
The Company has in place a comprehensive Risk Management Policy, which provides an
effective framework for identifying, assessing, mitigating, reporting, and periodically
reviewing critical risks that may affect the Company's objectives or continuity. The
policy is available on the Company's website at: https://www.olaelectric.com/investor-
relations/policies.
The Company's business units and corporate functions follow a structured and
institutionalised approach to risk management, aligned with its overall strategic goals.
The Risk Committee oversees the organization's overall risk management process through our
Enterprise Risk Management program. The Risk Management Committee reviews key business
risk areas, encompassing operational, financial, strategic, and regulatory aspects
including the mitigation strategies. The Risks and its management is currently handled by
the Internal Audit team. The Risks are periodically presented to the Management and the
Audit Committee.
The composition and key terms of reference of the Risk Management Committee have been
discussed in detail in the Management Discussion and Analysis section and Corporate
Governance Report which forms an integral part of the Annual Report
14. AUDITORS & REPORTS:
A. Statutory Auditors: M/s. B S R & Associates LLP, Chartered Accountants (ICAI
Firm Registration No.: 101248W/W-100022), were appointed as the Statutory Auditors of the
Company for a term of five (5) years, from the conclusion of the 5th Annual
General Meeting until the conclusion of the 10th Annual General Meeting, to be
held in the year 2027.
Pursuant to the provisions of Sections 139 and 141 of the Act, and the relevant rules
made there under, the Statutory Auditors have confirmed that they are eligible and not
disqualified to continue as Auditors of the Company. They have also confirmed that they
have undergone the peer review process conducted by the Institute of Chartered Accountants
of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.
The Auditors' Report for FY 2024-25 is unmodified and does not contain any
qualification, reservation, adverse remark, or disclaimer.
B. Cost Auditor: The provisions of Section 148 of the Companies Act, 2013 ("the
Act"), read with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014, are
not applicable to the Company. Accordingly, the Company was not required to and has not
appointed a Cost Auditor for the financial year under review.
C. Secretarial Auditor: Pursuant to the provisions of Section 204 of the Act, read with
Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations"), the Board of Directors appointed
M/s. BMP & Co. LLP, Practicing Company Secretaries, to conduct the Secretarial Audit
of the Company for the financial year ended March 31, 2025.
Secretarial Audit Report: In compliance with the provisions of Section 204 of the
Companies Act, 2013 and Regulation 24A of the SEBI Listing Regulations, the Secretarial
Audit Report of the Company for the financial year ended March 31, 2025, issued by M/s.
BMP & Co. LLP, Practising Company Secretaries, is annexed to this Board's Report as
Annexure-III. The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
Secretarial Audit Report Material Unlisted Subsidiaries: In compliance with the
provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of the SEBI
Listing Regulations, the Secretarial Audit Reports of the Company's material unlisted
subsidiaries, namely Ola Electric Technologies Private Limited and Ola Cell Technologies
Private Limited, for the financial year ended March 31, 2025, issued by Mr. Pramod S.M.
(FCS No.: 7834; CP No.: 13784), Partner, M/s. BMP & Co. LLP, Practising Company
Secretaries, have been annexed to this Board's Report as Annexure-IV.
Annual Secretarial Compliance Report:
In compliance with Regulation 24A of the SEBI Listing Regulations, the Company has
undertaken an audit for the financial year 2024-25 for all applicable compliances as per
SEBI Regulations and Circulars / Guidelines issued thereunder. The Annual Secretarial
Compliance Report issued by Mr. Pramod S.M. (FCS No.: 7834; CP No.: 13784), Partner, M/s.
BMP & Co. LLP, Practising Company Secretaries, has been submitted to the Stock
Exchanges within the prescribed timelines.
Further, pursuant to Regulation 24A of the SEBI Listing Regulations and other
applicable provisions of the Act, the Board of Directors, based on the recommendations of
the Audit Committee and Board of Directors, at its meeting held on July 25, 2025, approved
and recommended for the approval of the shareholders, the appointment of M/s. BMP &
Co. LLP, Practicing Company Secretaries, a peer reviewed firm of Company Secretaries in
whole time practice, as the Secretarial Auditors of the Company for a term of five
consecutive financial years, commencing from FY 202526 and ending on FY 2029-30, i.e.,
from the conclusion of the 8th Annual General Meeting until the conclusion of
the 12th Annual General Meeting of the Company.
C. Internal Auditor: The company also maintains a dedicated, independent, and
professional Internal Audit (IA) function. This function, composed of highly qualified
professionals, serves as a vital assurance provider, systematically evaluating and
enhancing the effectiveness of the internal control systems and governance processes. The
IA team ensures independence, holistic scope approach and action oriented reporting
including follow-up. The Audit Committee has also appointed a cosourcing vendor from a Big
4 accounting firm, to complement the internal team's capabilities and bring specialized
expertise.
All the reports are regularly presented to the management and the Audit Committee to
facilitate timely corrective actions and continuous improvement.
D. Reporting of Frauds by Auditors: Pursuant to the provisions of Section 143(12) of
the Act, during the financial year under review, neither M/s. B S R & Co. LLP,
Chartered Accountants, Statutory Auditors, nor M/s. BMP & Co. LLP, Company
Secretaries, Secretarial Auditors, of the Company, have reported any instance of fraud
committed by the officers or employees of the Company to the Audit Committee.
15. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY:
At OEM, we recognize that robust internal control systems and an effective internal
audit function are cornerstones of sound corporate governance and sustainable business
growth. We have a comprehensive framework that ensures operational excellence, financial
integrity, and adherence to regulatory requirements.
The Board of Directors and the Management of Ola are deeply committed to establishing,
implementing, and maintaining a strong system of internal financial controls (IFC)
proportionate to the scale and complexity of our diverse operations. These controls are
meticulously designed to provide reasonable assurance regarding:
The orderly and efficient conduct of the company's business.
The safeguarding of its assets against unauthorized use or disposition.
The prevention and timely detection of fraud and errors.
The accuracy and completeness of accounting records.
The timely preparation of reliable financial information for both internal and
external reporting.
During the financial year under review, the internal financial controls, including
their operating effectiveness and control testing mechanisms, were reviewed and discussed
with the Statutory Auditors. The Statutory Auditors have issued their report on the
adequacy and operating effectiveness of internal financial controls, which forms an
integral part of the Auditor's Report and confirms that the internal financial control
systems of the Company are adequate and operating effectively, as required under the
Companies (Auditor's Report) Order, 2020.
16. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company maintains zero tolerance for sexual harassment at the workplace and has
adopted a gender-neutral policy on the Prevention of Sexual Harassment ("POSH"),
in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The policy provides
a robust framework for reporting, redressal, and prevention of sexual harassment while
ensuring strict confidentiality and protection from retaliation. The policy is available
on the website of the Company at: https://www.olaelectric.
com/investor-relations/policies
In accordance with the Act, the Company has constituted an Internal Complaints
Committee ("ICC") comprising employees and external members with relevant
experience and sensitivity to such matters. The ICC is empowered to investigate
complaints, conduct fair hearings, and recommend appropriate disciplinary actions. The
Company also conducts periodic awareness and sensitisation programs to foster a respectful
and safe workplace.
Details of complaints received and disposed of during the Financial Year 2024-25 are as
follows:
Number of complaints received during the financial year |
Number of complaints ! disposed of during the financial year |
Number of complaints pending more than ninety days |
0 |
0 |
0 |
17. COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961:
The Company affirms that it has duly complied with the provisions of the Maternity
Benefit Act, 1961, including all amendments thereto. All applicable benefits, leave
entitlements, and facilities as mandated under the Act have been extended to eligible
women employees during the financial year under review.
The Company is committed to fostering a supportive, inclusive, and equitable workplace,
and remains steadfast in ensuring the well-being and rights of women employees,
particularly during and after maternity. Provisions such as paid maternity leave, nursing
breaks, and return-to-work support continue to be implemented in both letter and spirit
across all Company locations.
18. DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Act, the Board of Directors
to the best of their knowledge and belief confirm and state that:
a) In the preparation of the annual accounts for the financial year ended on March 31,
2025, the applicable accounting standards have been followed along with proper explanation
relating to material departures;
b) The directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at the end of the financial year March
31, 2025 and of the profit of the Company for that period;
c) The directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) The directors have prepared the annual accounts on a going concern basis;
e) The directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and
f) The directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
19. BOARD OF DIRECTORS, MEETINGS AND ITS COMMITTEES:
BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
(i) Composition of the Board and Key Managerial Personnel:
As on March 31, 2025, the Board of Directors of the Company comprised a balanced mix of
Executive, Non-Executive, and Independent Directors, bringing diverse experience and
expertise across various domains. The composition of the Board complies with the
requirements of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations").
The following individuals served as directors and key managerial personnel on the Board
of the Company as on 31 March 2025:
Sr. No. Name of the Director |
Designation |
i. Mr. Bhavish Aggarwal |
Chairman and Managing Director |
2. Mr. Krishnamurthy Venugopala Tenneti |
Non-Executive Director |
3. Mr. Arun Sarin |
Non-Executive Director |
4. Mr. Manoj Kohli |
Independent Director |
5. Mr. Ananth Sankaranarayanan |
Independent Director |
6. Ms. Shradha Sharma |
Independent Director |
7. Mr. Harish Abichandani |
Chief Financial Officer |
8. Mr. Pritam Das Mohapatra* |
Company Secretary and Compliance Officer |
*Mr. Pritam Das Mohapatra resigned from the position of Company Secretary and
Compliance Officer on June 13, 2025 .
During the financial year under review, there were no appointments or resignations of
Directors, and no changes in the composition of the Board of Directors of the Company.
(ii) Director Retiring by Rotation:
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Krishnamurthy Venugopala Tenneti, Director, is
liable to retire by rotation at the 08th Annual General Meeting of the Company
scheduled to be held on (Day), (Month) (Date), 2025, and being eligible, has offered
himself for re-appointment
(iv) Appointment or Resignation of KMP
During the financial year under review, there were changes in the Key Managerial
Personnel of the Company. Mr. Pramendra Tomar resigned from the position of Company
Secretary & Compliance Officer with effect from October 1, 2024. Subsequently, Mr.
Pritam Das Mohapatra was appointed to the said position effective December 30, 2024.
Further, post the closure of the financial year, Mr. Pritam Das Mohapatra tendered his
resignation, which became effective on June 13, 2025.
(v) Declarations by Independent Directors:
The Company has received declarations from all its Independent Directors confirming
that they meet the criteria of independence ("Declaration of Independence") as
prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI Listing Regulations"). There has been no
change in circumstances which may affect their status as Independent Directors.
The Board is of the opinion that all Independent Directors possess the highest
standards of integrity as well as the requisite qualifications, expertise, and experience
necessary to discharge their duties effectively.
Pursuant to Section 150 of the Act read with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, all Independent Directors have confirmed their
registration with the databank maintained
by the Indian Institute of Corporate Affairs (IICA), Manesar.
In compliance with the said Rules, the Independent Directors have also successfully
completed the online proficiency selfassessment test conducted by the IICA, or fall under
the exempted category as per the prescribed criteria.
Based on the above declarations, the Board affirms that all Independent Directors of
the Company meet the conditions specified under Schedule V of the SEBI Listing Regulations
and are independent of the management
(v) Familiarisation Programme for Independent Directors: All Non-Executive Directors
are appointed on the Board of the Company are introduced to the culture through induction
sessions. The Executive Directors and senior management provide an overview of the
operations and familiarise the NonExecutive Directors on matters the morals and principles
of the Company. They are introduced to the organization structures and various procedures.
Non-Executive Directors are also briefed pertaining to the group structure and
subsidiaries.
Also, the Company has a detailed familiarisation Programme for Non-Executive
Independent Directors to familiarise them with the Company, their roles, rights,
responsibilities in the Company, the nature of the industry in which the Company operates,
business model of the Company etc. The said policy is available at the website of the
Company at https://www. olaelectric.com/investor-relations/policies.
The details of familiarisation programmes imparted to independent directors during the
year under review is available at the website of the Company at https://www.olaelectric.com/
investor-relations/policies.
(vi) Performance Evaluation: The Board Evaluation reaffirms the Board's strong
commitment to governance and strategic oversight, as evidenced by the proactive leadership
of its members, the effectiveness of Committees and the engagement of senior management. A
key insight highlights the Board's independence and steadfast dedication to upholding
rigorous governance standards, ensuring transparency and fostering sustainable value
creation for stakeholders.
Pursuant to the provisions of the Act and the SEBI Listing Regulations, the Board has
carried out an annual evaluation of its own performance and that of its Committees as well
as performance of all the Directors individually including Independent Directors, Chairman
and Managing Director.
The manner in which the formal annual evaluation of performance was made by the Board
is given below:
a. The evaluation criteria and process followed were in accordance with those approved
by the Nomination and Remuneration Committee and the Board, and were found to be in order.
b. Based on the said criteria, a questionnaire- cum-rating sheet was circulated to seek
confidential evaluation ratings and feedback from the directors regarding the performance
of the Board, its Committees, the Chairperson, and individual directors.
c. Based on the individual ratings received from the directors, a summary report was
prepared on the performance evaluation of the Board, its Committees, the Chairman &
Managing Director and Directors. The performance evaluation report was then discussed and
noted by the Board at its meeting, and the Board expressed its satisfaction with the
outcome of the evaluation.
The evaluation criteria, as outlined in the Company's 'Policy for Evaluation of the
Performance of the Board of Directors', include parameters such as Board composition and
structure, effectiveness of board processes, information availability and flow,
contributions made by individual Directors, and the performance of the Chairperson. The
said policy is available on the website of the Company and can be accessed at: https://www.
olaelectric.com/investor-relations/policies.
(vii) Number of meetings: The Board and its Committees convene at regular intervals to
deliberate on matters relating to business performance, strategic initiatives, policy
updates, and regulatory developments and their implications.
During the financial year under review, 17 (Seventeen) meetings of the Board of
Directors were held in compliance with the provisions of the Act. The interval between any
two consecutive meetings was well within the prescribed limits under the Act and the SEBI
Listing Regulations.
Detailed information regarding dates of meetings of the Board held during the financial
year 2024-25 indicating the number of meetings attended by each Director is provided in
the
Corporate Governance Report, which forms an integral part of the Annual Report.
The Company has also complied with the applicable provisions of the Secretarial
Standards issued by the Institute of Company Secretaries of India (ICSI) in respect of all
Board meetings conducted during the year. Details of these meetings, including the
attendance of each Director, are provided in the Corporate Governance Report, which forms
part of this Annual Report.
COMMITTEES OF THE BOARD:
In accordance with the provisions of the Companies Act, 2013 and the SEBI Listing
Regulations, the Board has constituted the following five mandatory committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Corporate Social Responsibility Committee
4. Stakeholders' Relationship Committee 5 Risk Maanagement Commitee.
6. IPO Committee
The composition of these Committees is available on the Company's website and can be
accessed at: https://www.olaelectric.com/ investor-relations/directors-profile#tab-
teb550m.
Detailed information regarding the composition, terms of reference, and meetings of
each Committee held during the financial year 2024-25 is provided in the Corporate
Governance Report, which forms an integral part of this Annual Report.
The Board has accepted all the recommendations made by the Audit Committee during the
financial year under review
20. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
Pursuant to the provisions of Section 186 of the Act and Regulation 34 read with
Schedule V of the SEBI Listing Regulations, the details of loans and advances given,
guarantees or securities provided, and investments made by the Company during the
financial year under review are provided in the note no. 6 of the financial statements
forming part of this Annual Report.
21. TRANSACTIONS WITH RELATED PARTIES:
The Company has in place a robust framework for the approval and monitoring of related
party transactions ("RPTs"), in line with the applicable regulatory
requirements.
During the financial year under review, all related party transactions were approved by
the Audit Committee and the Board of Directors and have been disclosed in the notes to the
financial statements forming part of this Annual Report. All such transactions were
undertaken in the ordinary course of business and on an arm's length basis, in compliance
with Section 188 of the Companies Act, 2013 and the Company's RPT Policy.
The Company did not enter into any material related party transactions during the year,
and a confirmation to this effect, as required under Section 134(3)(h) of the Companies
Act, 2013, is provided in Form AOC-2 annexed as Annexure V to this Annual Report.
The RPT Policy of the Company is available on the Company's website at: https://www.olaelectric.
com/investor-relations/policies.
22. ANNUAL RETURN:
Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013, read with
Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return
of the Company for the financial year ended March 31, 2025, is available on the website of
the Company and can be accessed at the following link: https://www.
olaelectric.com/investor-relations/financials#tab- pxd4fqe.
23. PARTICULARS OF EMPLOYEES:
As on March 31, 2025, the Company had a total of 9 employees on its payroll, comprising
of 8 males, 1 female, and 0 transgender employees. The Company recognizes its employees as
key stakeholders and is committed to attracting, nurturing, and retaining top talent. It
fosters a collaborative, transparent, and participative work environment that rewards
merit and high performance.
In accordance with the provisions of Section 197(12) of the Act, read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as
amended, a statement containing the ratio of remuneration of Directors and Key Managerial
Personnel to the median remuneration of employees and other requisite details is annexed
to this Report as Annexure-VI.
In accordance with the provisions of Section 197(12) of the Companies Act, 2013, read
with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement containing the names and other particulars of
employees drawing remuneration in excess of the limits prescribed under the said Rules
forms part of this Report. However, in line with the provisions of Section 136 of the
Companies Act, 2013, the Report and Annual Accounts are being sent to the Members
excluding the said statement. The aforesaid statement is available for inspection upon
request. Any Member interested in obtaining a copy of the same may write to the Company
Secretary at:companysecretary@olaelectric.com
Key Managerial Personnel (KMP): The following individuals have been designated as the
Key Managerial Personnel of the Company pursuant to Sections 2(51) and 203 of the
Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:
a. Mr.Bhavish Aggarwal, Chairman and Managing
Director.
b. Mr. Harish Abichandani, Chief Financial Officer.
c. Mr.Pramendra Tomar, Company Secretary and
Compliance Officer (upto close of October 01, 2024).
d. Mr.Pritam Das Mohapatra, Company Secretary and
Compliance Officer (upto close of June 13, 2025).
24. DISCLOSURE REGARDING EMPLOYEE STOCK OPTION PLANS
As on March 31, 2025, the Company has in place one employee stock option plan titled
"Employees' Equity Linked Incentive Plan 2019" ("ESOP Plan"), which
was adopted by the shareholders on January 21, 2019, and subsequently amended on December
08, 2023, and October 01, 2024, pursuant to resolutions passed by the shareholders of the
Company.
The ESOP Plan has been formulated with the objective of attracting, retaining, and
incentivising talent by aligning employee interests with the longterm goals of the
Company. The Plan enables eligible employees of the Company and its subsidiaries to be
granted stock options, which entitle them to receive equity shares of the Company having a
face value of Rs.10/- per share, upon vesting and exercise of such options in accordance
with the terms of the Plan.
The ESOP Plan is implemented through a trust route and is administered by the
Nomination and Remuneration Committee of the Board in compliance with the applicable
provisions of the Companies Act, 2013 and the Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI ESOP
Regulations").
The Company confirms that during the financial year under review:
The ESOP Plan is in compliance with the SEBI ESOP Regulations.
Disclosures with respect to the number of options granted, vested, exercised,
lapsed, and outstanding form part of the financial statements.
The Company has not granted any options with voting rights or dividend
entitlements prior to vesting or exercise.
No material changes were made to the ESOP Plan other than the aforementioned
amendments approved by shareholders.
In accordance with Regulation 14 of the SEBI ESOP Regulations, the ESOP Plan and the
disclosures prescribed under the said regulations are available on the website of the
Company and can be accessed at: https://www.olaelectric.com/investor-relations/
policies
A certificate from the Secretarial Auditors confirming that the ESOP Plan has been
implemented in accordance with the SEBI ESOP Regulations and shareholder approval will be
available for inspection during the Annual General Meeting.
25. PUBLIC DEPOSITS:
During the financial year under review, the Company has not accepted or renewed any
deposits from the public falling within the purview of Section 73 of the Companies Act,
2013, read with the Companies (Acceptance of Deposits) Rules, 2014.
Further, as on the balance sheet date, there were no outstanding deposits, including
interest thereon, remaining unpaid or unclaimed. Accordingly, the disclosures required
under Chapter V of the Act and the said Rules are not applicable to the Company for the
financial year under review.
26. NOMINATION AND REMUNERATION POLICY:
The Company has formulated a Nomination and Remuneration Policy in accordance with the
provisions of the Companies Act, 2013 and the SEBI Listing Regulations. The Policy governs
the appointment, qualifications, attributes, independence criteria, and remuneration of
Directors, Key Managerial Personnel (KMP), and Senior Management personnel.
The objective of the Policy is to attract, retain, and motivate competent leadership,
align remuneration with performance and strategic goals, and ensure that the remuneration
framework is fair, performance-driven, and consistent with the Company's risk appetite and
longterm objectives.
The Nomination and Remuneration Committee, while recommending appointments to the
Board, evaluates candidates based on qualifications, skills, experience, and independence
criteria.
The Nomination and Remuneration Policy of the Company is available on the Company's
website and can be accessed at: https://www.olaelectric.
com/investor-relations/policies.
27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
A. Conservation of Energy: At OEM, we have consistently prioritized energy conservation
within our manufacturing processes. This commitment not only optimizes the consumption of
non-renewable fossil fuels but also enhances energy productivity, supports climate change
mitigation efforts, and reduces operational costs. Our energy conservation strategies are
implemented through robust energy management systems, comprehensive energy audits, and
detailed quality analyses of energy utilization.
In addition, we have undertaken several initiatives aimed at reducing carbon emissions.
These measures are designed not only to lower our environmental footprint but also to
contribute positively to the well-being and livelihood of the broader community.
The particulars required under the provisions of Section 134 (3) (m) of the Companies
Act, 2013, regarding the conservation of energy during the year under review are as
follows
S No - Particulars |
|
(i) The steps taken or impact on conservation of energy |
As part of our commitment to continual improvement, Energy
Conservation (ENCON) projects have been systematically planned and budgeted for
implementation at the OLA Future Factory. Key ENCON initiatives for FY 2024-25 include: |
|
A. Electricity Conservation: |
|
Reduction of mechanical transmission losses in rotating
equipment |
|
Installation of V-type pre-air filters at air suction points |
|
Installation of occupancy sensors on hand wash water taps |
|
Electricity consumption per vehicle was successfully reduced from 48
kWh to 44 kWh during FY 2024-25 through the implementation of targeted energy conservation
initiatives. Key measures contributing to this reduction include: |
|
Optimization of mechanical transmission systems to minimize
energy losses |
|
Installation of V-type pre-air filters to improve air intake
efficiency |
|
Deployment of occupancy sensors on hand wash water taps to
reduce unnecessary water heating and pumping |
|
Upgrading to energy-efficient lighting and equipment across
production lines. |
|
Implementation of advanced monitoring and control systems for
real-time energy usage analysis. |
|
Manufacturing processes rely heavily on consistent compressed
air pressure to ensure the proper functioning of equipment. To address inefficiencies and
optimize electricity consumption, we have taken significant steps to eliminate air
leakages entirely. Additionally, compressors have been equipped with Variable Frequency
Drives (VFDs) to regulate energy usage based on real-time demand, thereby improving
overall energy efficiency. |
|
In line with our efforts to reduce unnecessary energy usage,
operational costs, and environmental impact, we have implemented measures to eliminate the
idle running of equipment. This practice, adopted at the Future Factory, plays a vital
role in promoting sustainable energy management and reducing our carbon footprint. |
|
In our efforts to improve energy efficiency in lighting, we
have installed advanced lighting sensors throughout internal and external areas. These
sensors automatically adjust lighting based on occupancy and ambient light levels,
ensuring illumination is provided only when necessary. This initiative not only minimizes
energy consumption and reduces electricity expenses but also supports our commitment to
sustainable operations. |
|
B.Water Conservation: |
|
Water consumption per vehicle improved slightly, reduction by
0.74% from 272 L to 270 L, indicating better water efficiency. |
|
Pond (rainwater) utilization nearly doubled, increasing by
89.2% from 2,777.07 KL to 5,251.88 KL. |
|
The percentage of rainwater used also improved significantly,
from 2.96% to 5.20%. |
Recycled water utilization increased by 29.9%, going up from 35,338 KL to 45,895
KL.
The percentage of recycled water used increased by 7.76 percentage points, from
37.66% to 45.42%.
1 Description |
2024-25 |
2023-24 |
Water Consumption (KL) |
101051.08 |
93843.13 |
Production |
373926 |
345282 |
Water Consumption (L) |
270 |
272 |
Pond water( Rain water) utilization KL |
5251.88 |
2777.07 |
% of Rain water Utilization |
5.20 |
2.96 |
Recycled water Utilization KL |
45895 |
35338 |
% Recycled Water Utilization |
45.42 |
37.66 |
Proposed measures for the year 2025-26:
Green Energy Sourcing:
Committed to sustainability, we are targeting 50% of our total energy
requirements through green energy purchases in FY 2025-2026. This shift significantly
reduces dependency on fossil fuels and lowers our overall carbon footprint.
Reduction of Mechanical Transmission Losses:
Mechanical transmission losses in the circulation oven on the top coat plastic
line have been minimized, resulting in an estimated annual electricity savings of 15,360
kWh.
Closed-Loop VFD Automation in Paint Shop Exhaust Blowers:
Implementation of a closed-loop Variable Frequency Drive (VFD) control system
for exhaust blowers in the paint shop has led to optimized energy usage and a significant
annual saving of 96,000 kWh of electricity.
Energy-Efficient Equipment Procurement:
Machine specifications are being optimized at the procurement stage to ensure
reduced specific energy consumption, contributing to long-term operational efficiency and
sustainability.
The step taken by the company for utilizing alternate sources of
energy The capital investment on energy conservation equipment's |
The new Green Energy agreement, effective from 1st June 2025,
facilitates the procurement of wind power with a carbon footprint of just 0.004 tCO2 per
vehicle |
|
Nil. |
B. Technology Absorption:
(i) The effort made towards technology absorption |
Built in-house loT platform for data integration and real-time
dashboards. |
|
Developed MES for Gigafactory (BOM, traceability, parameter
monitoring). |
|
Automated sales, service, and fulfilment processes. |
|
Implemented collaborative engineering platform using synthetic
data. |
|
Digitized Future Factory with low-code apps. |
|
Developed integrated Motor & MCU. |
|
Redesigned battery for 4680 cells with safety features. |
|
Launched scalable MoveOS 5 platform. |
|
Expanded charging infrastructure with adaptive BMS algorithms. |
(i) the benefits derived like product improve ment cost reduction
product development or import substitution |
Improved production visibility and predictive maintenance. |
|
Reduced downtime and increased asset lifespan. |
|
Faster production cycles and improved quality. |
|
Lower prototyping costs and energy consumption. |
|
Enhanced operational efficiency and quicker decisions. |
|
20% cost reduction in drive unit; 1-2% efficiency gain. |
|
Enhanced battery safety and longer lifespan. |
|
Faster product launches and better rider experience. |
|
Safer, faster charging and optimized infra utilization. |
in case of imported technology (important during the last three years
reckoned from the beginning of the financial year) the details of technology imported the
year of import; |
|
whether the technology has been fully absorbed if not fully absorbed,
areas where absorption has not taken place, and the reasons thereof |
Nil. |
|
Nil. |
|
Nil. |
|
Nil. |
The expenditure incurred on Research and Development |
Standalone (INR Lakhs) |
Consolidated (INR Lakhs) |
|
1039 Lakhs |
43,603 Lakhs |
FOREIGN EXCHANGE ACTUAL EARNINGS AND OUTGO:
|
|
(Rs.in Crores) |
Nature |
FY 2024-25 |
FY 2023-24 |
The Foreign Exchange earned in terms of actual in-flows |
Nil |
Nil |
The Foreign Exchange outgo in terms of actual out-flows |
28.80 |
21.06 |
28. STATUTORY DISCLOSURES:
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF
THE FINANCIAL YEAR AND DATE OF THE REPORT, IF ANY:
There have been no material changes and commitments affecting the financial position of
the Company between the end of the financial year, i.e., March 31, 2025, and the date of
this report.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:
There were no significant or material orders passed by any regulators, courts, or
tribunals during the financial year that would impact the going concern status or the
operations of the Company in the future
DOWNSTREAM INVESTMENT
During the year under review, the Company was a Foreign Owned and Controlled Company
(FOCC) until August 9, 2024, and had acquired the following securities of its subsidiary
companies during this period:
S - No Name of the investee company |
Nature of security |
Number of shares |
Face Value |
Premium |
Consideration |
1. Ola Electric Technologies Private Limited |
CCPS |
50,00,00,000 |
10 |
0 |
500,00,00,000 |
2. Ola Cell Technologies Private Limited |
Equity |
2,50,00,000 |
10 |
0 |
25,00,00,000 |
3. Ola Electric Charging Private Limited |
CCPS |
10,00,000 |
10 |
0 |
100,00,000 |
The respective subsidiary companies have duly intimated the Reserve Bank of India (RBI)
regarding this acquisition by filing Form DI on the FIRMS portal.
Accordingly, the Company has complied with the applicable provisions of the Foreign
Exchange Management Act, 1999 ("FEMA") and the Foreign Exchange Management
(Non-debt Instruments) Rules, 2019 ("NDI Rules") in respect of the downstream
investment made in an Indian entity during the financial year 2024-25.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
In terms of the provisions of Regulation 34 of the SEBI Listing Regulations, a detailed
analysis of your Company's performance is discussed in the Management Discussion and
Analysis Report is annexed as Annexure VII, forming part of this Annual Report.
CORPORATE GOVERNANCE REPORT:
The Company has complied with the applicable provisions of the Act and the SEBI Listing
Regulations with respect to corporate governance. A detailed report on corporate
governance is annexed as Annexure VIII, forming part of this Annual Report
DETAILS OF APPLICATION MADE OR ANY PENDING PROCEEDINGS UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS THE END OF THE FINANCIAL
YEAR:
During the financial year under review, there was no application made or proceeding
pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the year
under review.
COMPLIANCE WITH SECRETARIAL STANDARDS:
In accordance with Section 118 of the Act, the Company has complied with the applicable
provisions of Secretarial Standard-1 (Meetings of the Board of Directors) and Secretarial
Standard-2 (General Meetings), as issued by the Institute of Company Secretaries of India
(ICSI) and notified by the Ministry of Corporate Affairs.
REVISION OF FINANCIAL STATEMENTS AND BOARD REPORT:
During the year under review, there was no revision in the financial statements or the
Board's Report of the Company.
THE DETAILS OF THE DIFFERENCE BETWEEN THE AMOUNT OF VALUATION DONE AT THE TIME
OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING A LOAN FROM THE BANK OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASON THEREOF:
During the year under review, no one-time settlement with any bank or financial
institution was undertaken. Accordingly, the disclosure regarding differences in valuation
at the time of one-time settlement and at the time of availing loans is not applicable
29. ACKNOWLEDGEMENTS:
Your directors express their heartfelt gratitude to the members, customers, suppliers,
bankers, stock exchange(s), government and all other stakeholders for their continuous
support to the Company and their confidence in its management. The BOD would also like to
convey its appreciation to the employees at all levels for their significant contribution
towards the Company's performance.
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For and On Behalf of the Board of Directors |
|
Sd/- |
|
Bhavish Aggarwal |
Place: Bengaluru |
Chairman and Managing Director: |
Date: 25 July, 2025 |
DIN: 03287473 |