Ola electric
Ola Electric Mobility is preparing to trim about 1,000 employees to reduce its deficit. Sources who are aware of the case gave this information on Monday. However, the company did not comment on the number of employees who were victims of the pruning, but indicated that this is happening due to the restructuring and automation of operating activities. Ola Electric also showed the way out 500 employees last year. A spokesman for Ola Electric Mobility said that we have reorganized and automated our front-end operation, which has gained better margin, low cost and better customer experience. With this, non-essential employment roles have been eliminated for better productivity.
Second round of employees trimmed
This is the second round of saving employees within five months in the company. This trimming is taking place when the company is taking strategic steps to increase its stock management and to increase the margin of Ebita (interest, tax, prior to depreciation) to increase the margin by about 10 percent, in addition to improving its stock management and rapidly supplying to customers. Ola Electric has abolished its regional warehouses across the country and has decided to use 4,000 retail stores across the country to maintain stock, parts and supply of vehicles. This has re -interacted with the vehicle registration agency partners to streamline the process and reduce the cost.
There was a loss of Rs 376 crore
According to reports, the latest rounds of job cuts may affect actions such as purchase, supply, customer relationship and charging structure. Ola Electric had a net loss of Rs 376 crore in the third quarter of the last financial year. The company’s operational revenue in this quarter stood at Rs 1,045 crore, while it was Rs 1,296 crore in the same quarter of a year ago.
Share price broke to Rs 55
The company’s stock has been beaten up in the last one month amidst a major decline in the stock market. Let us tell you that the stock has broken more than 27% in a month. The closing price of the stock on Monday was Rs 55.12. Last year, the company was listed in the stock market. The share price reached beyond Rs 100.
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