ANI Technologies Pvt Ltd, the powerhouse steering Ola Cabs and overseeing various subsidiaries, has showcased remarkable financial performance for the fiscal year ended March 31, 2023. According to the latest figures shared on the company’s website, ANI Technologies reported consolidated net revenue crossing the INR 2,500 Crore milestone, reaching INR 2,799.3 Cr—a notable 42% surge from the INR 1,970.4 Cr recorded in FY22.
One of the most significant achievements for ANI Tech lies in successfully narrowing its consolidated net loss by 49.2% to INR 772.2 Cr in FY23, compared to INR 1,522.3 Cr in the previous fiscal year. This financial turnaround signals a strategic and operational shift within the organization.
Delving into specific business segments, Ola’s cab-hailing services reported a robust 63% surge in sales, reaching INR 1,987.5 Cr in FY23 from INR 1,220 Cr in FY22. Concurrently, the net loss for this segment witnessed a substantial 64.8% reduction, decreasing from INR 3,082.4 Cr in FY22 to INR 1,082.5 Cr in the financial year under review.
Comparatively, Ola’s competitor, Uber India, experienced a 54% rise in net sales to INR 2,666.1 Cr in FY23, accompanied by a 58% growth in losses, totaling INR 311.3 Cr.
In another stride, Ola Fleet Technologies Pvt Ltd, specializing in fleet management, demonstrated resilience by narrowing its sales decline to 56.5%, reporting INR 189.9 Cr in FY23 compared to INR 437.5 Cr in the previous fiscal year. The corresponding net loss also improved by 17%, reducing from INR 467.9 Cr in FY22 to INR 387.6 Cr in FY23.
The fintech arm, Ola Financial Services, faced a nuanced journey, with operating revenue witnessing a 22% dip to INR 85.5 Cr in FY23 from INR 110 Cr in FY22. This segment, responsible for OlaMoney operations, reported a net loss of INR 54.6 Cr in FY23, a notable shift from the profit of INR 8.6 Cr in FY22.
Ola’s strategic moves, including its anticipated participation in the Open Network for Digital Commerce (ONDC) and the recent filing of the draft red herring prospectus (DRHP) for Ola Electric’s IPO, underscore the diversified and ambitious trajectory of the ANI Technologies ecosystem.
