Indian cab aggregator Ola posts first annual operating profit ahead of IPO

REUTERS/Aditi Shah/Files

Homegrown ride-hailing major Ola Cabs reported its first Ebitda profit, at 898.2 crore ($120 million) for the financial year 2020-21 (FY21) even as revenue growth slowed for the ride aggregator in a covid-hit year, according to company filings with India’s Ministry of Corporate Affairs (MCA). Ebitda is short for earnings before interest, taxes, depreciation, and amortisation.

In comparison, the company had reported an Ebitda loss of about 6,102 crore ($817 million) in FY20.

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