Ola Electric reported a narrower second-quarter loss on Thursday as its core automotive business reported its first operating profit, aided by a sharp drop in expenses.

The electric two-wheeler maker posted a consolidated net loss of ₹418 crore ($47.56 million) for the three months ended September 30, compared with ₹495 crore a year earlier.

Its automotive segment reported earnings before interest, taxes, depreciation and amortization (EBITDA) of ₹2,000 crore, marking its first positive result.

Total expenses dropped 44 per cent to ₹893 crore, with operational costs at its autos unit falling 46 per cent.

Ola Electric said it expects to cut operational expenditure to between ₹350 crore and ₹375 crore by the first quarter of the next fiscal year. Its operational expenses stood at ₹416 cr

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