BENGALURU: The Bhavish Aggarwal-founded Hailstone It reported operating profit of Rs 89.8 crore for its mobility business, its first since commencing operations a decade ago. The financial data was accessed by a business intelligence platform slippers.
The profit is on account of a tight lid on costs imposed by the company, which declined by 75% to Rs 682 crore for the financial year ended March 31, from Rs 2,683 crore a year ago. Operating revenue fell 65% to Rs 689 crore from around Rs 2,000 crore due to the pandemic.
Ola said in its report, “The current situation of the Kovid epidemic and the nationwide lockdown imposed by the Government of India has had a severe impact on the company’s revenue.” Last year, during the first wave, Ola had said that its revenue had declined by 95%.
Aggarwal reported the gross trading value of the company in September (GMV) crossed pre-epidemic levels in the last week of August and the recovery from the second wave was three times faster than the first wave.
The profit is on account of a tight lid on costs imposed by the company, which declined by 75% to Rs 682 crore for the financial year ended March 31, from Rs 2,683 crore a year ago. Operating revenue fell 65% to Rs 689 crore from around Rs 2,000 crore due to the pandemic.
Ola said in its report, “The current situation of the Kovid epidemic and the nationwide lockdown imposed by the Government of India has had a severe impact on the company’s revenue.” Last year, during the first wave, Ola had said that its revenue had declined by 95%.
Aggarwal reported the gross trading value of the company in September (GMV) crossed pre-epidemic levels in the last week of August and the recovery from the second wave was three times faster than the first wave.
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