Thank you very much. We will now begin the question-and-answer session. The firstquestion is from the line of Chandramouli Muthiya with Goldman Sachs. Please goahead.

My first question is just around someof theone-offthat Bhavishspokeabout just now.So, there seems to be a pick-up inbothother expensesandwagesquarter-on-quarterin spite of having flattish or slightly better gross margin performancequarter-on-quarter. So, just trying to understand around the IPO, were there anyflotation costs, were there any appraisal costs and also if youcouldsizeout maybein,in rupees crores, what thoseexpenseswereandalsojust thewarrantyone-offthat youmight havetakenthisquarter, what thesizeof that wouldbe?

Sure, Chandra, I will take a first attempt and then maybe Harish can add somespecifics. So, there were actually two or three one-off costs. Obviously, there was an Page7of 19 IPOlinked cost. Then therewasthisannual launchevent that wedo. Thereweresomecosts linkedtothat. Andthenthirdly, obviouslyour annual appraisal whichhappenedinthis quarter. So, all included I think these three added up toabout Rs. 36crores. Thenin addition, thewarrantywastheone-offthat wedidwasabout Rs. 64crores. AndlikeIsaid, I think my commentary on that is we are provisioning 2.5%of revenue. Over thenext coupleof quarters, wewill watchthat. Last year, likeI said, thewarrantywasabout5.6%. We do expect the warranty tobelower thanlast year acrossthisyear if weneedtoincreaseour provisionsafter aquarter or sowemight dothat.

Second question is just around the motorcycle launches you mentioned, we will startnext quarter. I amjust trying to understand we have done the launch in August so dowe have any order backlogcolor or anysort of demandcolor that weareabletosharearoundtheRoadster portfoliowhichmight start gettingdeliveredintheMarchquarter?

The Roadster series has generated a lot of interest andtherearethreeproductsthere– the Roadster. X, the Roadster, and the Roadster Pro. And these three are coming insequence. The first Roadster Xis coming, most likelyaroundtheMarchtimeline. ThenRoadster will happen most likely around the May timeline. And then Roadster Protowards the end of the year. Now interest is very high. Today I won't be sharing anyspecifics around reservations or ordersandall, bythetimethenext call comesaround,I will definitely share that. But there has been very significant interest onsocial media,on our stores, on our website for really understanding about this product as well asalot of peoplebookingreservationsfor this.

And my last question is just on the points that you made around efforts to bridge theservice network gaps. So, there are a lot of numbers floating around. I thinktherearesome press articles which have spoken about 85,000 to 90,000 incoming servicerequests per month. I think our installed base of vehicles is close to 8,00,000 to8,50,000 vehiclesat thisstage, soif youcouldjust giveussomeclarityonwhat aretherunratesthat wehaveonamonthlyincomingvehicleservicerequest.

There are a lot of numbers floating around. So, even if you take the 80,000 numberfromthe press so if you think of any typical OEMproduct, it hasonetotwoscheduledmaintenance per year, right? So, if you have, let's say 1 million install base, that's 1.5million to 2 million service touch points per year now, that makes it about 1.25 lakh amonth, right? So, and then in these 80,000 are not all complaints or issues with theproduct. Many of them are regular check-ins. The customer scheduled maintenance,more than 2/3 are actually just minor labor things. Something feels loose, or the guyactually doesn't understand how his software works, so he comes in and then weexplain to him. More than 2/3 are actually aroundthesekindof minor issueswherenopart is actually changed. Thentherearesomewherethereareaccident caseswhichisnothing to do with the product. And then there are some which are product warranty Page8of 19 cases, right? So, between these three, 80,000 number per month is not bad for an 8lakhsunit inoperationif youassumealot of it isjust scheduledor minor queries.

Thank you. Thenext questionisfromthelineof GunjanPrithyani withBankof America.Pleasegoahead.

Bhavish I just wanted to go back to the point that you madeinitiallythat EVsareat aninflection and market is growing. WhenI lookat thenumbersfor Ola, of coursethisisabusiness in nascent stages I would ideally think that the base of volume sold everyquarter should consistently go up, right? So, when I look at Quarter 2 volumesclearlyPremiumis something which is almost half fromlast quarter level. And I amjust tryingto understand, is it more to do with our focus on Mass expansion just the numberQuarter 1 to Quarter 2volumegoingdownissomethingthat if youcanexplainhowarewe approaching that because this is an expansion market, right? It is a very nascentmarket at thispoint of time.

See for usfor seasonal aswell assomeregulatoryreasonsQ2hasalwaysbeenabit ofa dip over Q1. So, if youseeFY24alsoQ2wasadipover Q1 andFY25, alsoQ2isabitof a dip over Q1. Now there is a seasonality also in the industry and also generallywhatever FAME reductionsthegovernment doesisaroundthestart of Q1 or theendofQ1 last two years that's been happening. So, what happened in Q1 FY25 was a lot ofthe deliveries which were there because March end was the FAME changeover. So, alot of customers hadorderedinMarchandthedeliverieshappenedininQ1. But henceI would actually say you should look at more broader time horizon where actuallyournumbers are going up. Like we had said, we sold more than 50,000 vehicles inOctober. Even this month, we are seeing a good growing traction. So, I feel ingeneralpenetration is going up, and our position remains strong. We do have to expanddistribution that's a very clear focus for us but quarter-on-quarter, you should seegrowthover thenext fewquarters. Q2over Q1, isalwaysabit of anoutlier.

The better way to look at it is just look at first half over first half, is that the way weshouldcontinuetoexpect likeat least 25%to30%growthonthebaseof volume?

See my expectation would be, we would year-on-year aim to grow around (+50%).That's our aim. Somequartersit might bemoresomequartersit might beless. So, nowwithin there is obviously seasonality. So, Q3will alwaysbeagoodseason, Q2will bealittle weaker season. I amsure you will apply the seasonality discount whenever youlook at it quarter-on-quarter. The other comment Gunjan was from you on Premiumversus Mass. So, Mass has obviously helped increase penetration. Our focus is to letboth of our portfolios – Premium and Mass grow in the market. We are not reallyworried about cost cannibalization since gross margins are broadly similar andPremium like I mentioned also makes just about 52% of our revenue overall so the Page9of 19 majorityof our revenuecomesfromPremium. Nowlookingaheadalsoevenafter Q2inOctober, we havehadthegenerallysimilar ratios. ThePremiumcontinuestoalsogrow,whileMassisreallytheonegrowingsignificantly.

The other thing that I wanted to get your thoughts on these regular schemes. Nowwhenever particularly BOSS when it got launched it just tends to create a lot ofnervousness aroundhowyouarethinkingabout themarginsbecausetheseareclearlyvery high discount schemes, right. So, how should we think about these recurringschemes coming back tothemarket andthenwearesort of gettingnervousabout isitchase for market share, how should we think about margin if you can share yourthoughtsonthisaswell please?

Absolutely Gunjan. So, our directional commentary on this is we will balancebetweengrowth and profitability. But given the balance, gross margins will continuetoimprovequarter-on-quarter because you saw, even in Q2 over Q1, despite the additionaldiscounts inQ2, wehaddiscountsaroundour Sankalpevent, wehaddiscountsaroundour IPO period, and we had discounts in September a little bit. So, despite morediscounts in Q2, we still kind of hadaflat grossmargin. So, likeI said, 3%went updueto BOMcost reduction and 1%we invested back into pricing and discount. NowinQ3also while we are investing into discounts, our general direction would be thatquarter-on-quarter gross margin will incrementally go up only. So, weareseeingBOMcost savings. Even while Gen 3 will come in next quarter, thereareother lot of verticalintegration activities that are playing out which continue to every monthactuallykeepimproving our BOMcost andhenceimprovinggrossmarginsandthensomeof that wekeep investing into pricing and discounts. Our strategyistocontinuetogunfor strongpenetration and market leadership and likeI said, wehaveaverysignificant BOMcostadvantage over competition, which is only increasing. So, while we areinvestingfromour margins, I think at somepoint competitionwill actuallyhavetoseehowtheyinvestfrombalance sheet versustheir grossmarginsfromthisproduct. So, tosummarize, youcanexpect increasinggrossmarginsdespitethediscounts.

And is it fair to assume that the savings that you will get fromtheGen3aswell asthebattery vertical integration, around 25 is I think what you have quantified at least 30%to 40% of that goes in terms of reinvesting in terms making the pricing better,enhancingtheadoptionisthat abroader wayfromamid-termperspectivetothinkof it.

Our focus is to have a gross margin of about (+/-30%), right? And that'swheretheICEindustry also broadly operates. So, at that level with a much more efficient front-enddue to the B2C nature of it, we actually believe our EBITDA margins will be in themid-teens at a certain volumescale. Right now, wearealmost at that volumescaleandthat's why quarter-on-quarter youseearesegment EBITDAinthenegativesingledigitsroughly. So, if there is a higher competitive intensity in the quarter, we might invest a Page10of 19 little bit more, but wewill keepfocusingongrowingtheheadroomonthegrossmarginso that we can invest out of gross margin. So, so that's the overall direction I wouldshare.

ThirtybywhenBhavish, isthereatimelinearoundthat?

No, not a timeline, but specifically if youseeGen3likeI saidisstartingJanuary, not allsavings will be in January, but as all the ideas on January roll out through the nextcalendar year, we will get about 20pointssavingsfromtoday'sgrossmargin. Andthenon top of that, the cell startsinQ1 FY'26, again, not all of our vehicleswill start withourown cell on day one, but there will be a 1-2 year period when step-by-step differentvehicles will come on to our own step. So, that's a step-by-step journey. It will take acouple of years, and I am not giving any timeline on it. And also there is an openmarket dynamic which as market competitive dynamics evolve we have thewherewithal to continue to be aggressive while maintaining a certain level ofprofitability.

Harish, I think I just want to get a sense on what part of the portfolio got PLI in thisquarter, maybeif youcanquantifythat asapercentageof revenueinQ2?

So, on the PLI front, last year we got our Air PLI certifiedandProcertifiedinFebruary.And in this quarter, the entire X portfolio, 2, 3, 4, we all got PLI certified during thecourse of the quarter, three of themhappened in August and oneor twohappenedinSeptember. So, as of nowthis quarter we will haveobviouslytheentirePLI andacrossthefourthquarter.

I think in Q2 there was about a 5% as PLI. So, PLI is about 5%of revenue, which isaccountedfor inthegrossmargins.

The next question comes from the line of Yogesh Agarwal from HSBC. Please goahead.

Couple of questions. Bhavish, firstly on Gen 1 versus Gen 2 and Gen3, youtalkaboutcost advantage, but what's your views on general quality improvement, were younegatively surprised with Gen 2 issues and are there any learnings when the Gen 3comes, areyouexpectinglower issues, sowhat areyour viewsonthat?

If you think of our product quality, our product quality isactuallyintermsof number ofdefects per hundred vehicles or amount of warrantyreplacements, etc., broadlyinlinewith industry within India and even globally. Gen 2 is actually better thanGen1. That'swhy I said in FY'24 we had a certainwarrantycost, inFY'25wewill haveslightlylowerthan that and that'sbecauseof theGen2transition. InGen3, wehavealsofocusedon further makingmanyreliability, quality, serviceabilityimprovementsintheproduct, fairlysignificant ones actually. For example, onethingthehubmotor isactuallyaveryhigherprone to quality issues. So, we're actually in Gen 3 moving to a complete mid mountmotor across the platform which actually helps reduce cost also as well as helpsimprove quality significantly. There's almost a factor of 10just inthemotor qualityoverthere. So, many such things which have helped improve quality in Gen 2 and thenfurther inGen. 3. So, wedoexpect afurther reductioninwarrantycostsonGen2.

And thentheother thingis, just curioustoknowyour viewsonthelong-termbrandandthe product positioning strategy, the ASPs have been falling, right, andit'sprobablyinline with your COGS, but wearestill fallinginthelast manyquartersnowandthisisledby all these flat, discounting andmassmarket products. Andwehaveseeninthepast,once you go down that curve, it's very tough to upgrade the portfolio as well. So, isitsomethingyouworryyour volumesandcost of that amount here?

See, we think of firstly product and then volumes and brand isanoutcomeof productexperience of the ownership experience and obviously at thescaleat whichyoudoit.So, that's howwe think of this. See, our premiumproductsareholdingverygood. Ourmarket share in the premium, let's say the S1 Pro or the S1 Air segment is fairly high,and even the product is much better than what anybody has beenabletobuildsofarin competition and there are very strong loyalist customers, many of them havebrought multiple S1 Pro, S1 Air, etc., So, I personally don't worryabout thebrandgoingdown. One of the reasons for ASPisgoingdownandASPisactuallyprobablyawrongproxytothinkof intermsof brandbecauseASPisgoingdownfor tworeasons; oneisamix which you rightlysaid; secondisactuallyjust asFAMEisreducingover thelast twoyears that FAME has come out of revenue. So, for the whole EVindustryFAMEwouldbefallingandhenceASPswouldbefalling.

Thenext questionisfromthelineof Rishi VorawithKotakSecurities. Pleasegoahead.

Just onthemassmarket portfolio, right?Obviouslyonasequential basis, wehaveseena double digit volume growth. But now, given that wherever pricing is versus the ICEscooters, when will that next leg of growth as per you will come through because Ithink our models are there in the market for last two, three quarters. So, what isstopping the customers to now shift from ICE to EVs even now the upfront cost ismaybesimilar or inlower insomecases?

So, Rishi, like I mentioned in my opening remarks, we actually believe there is a EVpenetration inflection that ishappeningalreadyinthescooter industry. Thereweretwoor three key drivers for this and manyof themhavecomeinplaceover thelast coupleof quarters and some still have to be done over the next couple of quarters. Firstly,purchase price parity. Nowthat isall donemoreor lessespeciallyfor our portfolio, and Page12of 19 a better cost of ownership for EVs with the purchase price parity is a very compellingproposition and customers are starting to recognize that. Second is distributionpenetration. Now, while we have 800 stores or so, competition is nowsellinginmorestores, about 3,000 to 4,000 each of them tell in their analyst commentary. But ourstores sell much morebecausewehavethebest product at thebest price. Now, asweexpand our stores to 2,000, we actually believe we will be much closer to customersfor them to truly experience the best EV product and at the best price and the bestoverall package. So, that's #2. And third is also the expansion of the serviceinfrastructure for us. Service infrastructure in EVis also not just anOlaproblem, it'sanindustry problem because training the mechanics in EV, EV battery maintenance,motors, electronics, software, all these are newthings. So, we are investingeffort intodoing this, which I believe is probably the last leg of confidence the customer needs.We don't see any major concerns or questions around charging in this ecosystembecause 2-Wheelers arenot verydependent onpubliccharging. All of thesethingsarecoming together. In many states, for example, I told Rajasthan, actually, Rajasthan has47%EVscooter penetration, and thisisbasisour estimatesof thescooterizationof theRajasthan market. UP. Madhya Pradesh are around I think 35%-odd, Maharashtra,Karnataka around 25%, 30%. But these are the states which are large enough statesand yet have high scooter EVpenetration and this penetration hasactuallyhappenedin the last 6 to 9 months as our mass market portfolio has come on. So, as nowwehave almost a million units in operations, 8.5 lakh or so, more peopleareseeingtheirfriends, so more people are getting more confident. So, it's a matter of again just allthese things falling in place and these all-different themesactuallycompoundoneachother, right? So, that's where you are seeing already an inflection in EVpenetration. Ihave a chart in my shareholder Letter on page 5. If you see it'll showyou howin thelast one year we have grown, the industry has grown EV penetration despite in thesame time FAME subsidies falling from almost 60,000 to 10,000. It just shows howindustryandthepenetrationhasgrown.

Just on the premium portfolio, right? Well, I do understand the seasonality part, buteven on a YoYbasis our volumes are down 26%and this is despite I thinkour pricingbeing lower than what it was a year back. So, istheresomethingwhichweneedtobeconcerned about or is something which youthinkisaveryquarterlyphenomenonthatshouldstart normalizinginthesubsequent quarters?

This isaquarterlyphenomenon. I wouldn't betooconcernedabout it. Therewill alwaysbe some cannibalization when we launch mass products which we have. From ourvantage point, likeI said, mycommentarytoall of youwouldalsobethat, don't assumemass products have lower margin. That's why if you see even though the ratio in Q1FY'25 and Q2 FY'25 has changed, yet the gross margin is actually flat. And that'sbecausebroadlythegrossmarginsareinthesamezonefor usbroadlyfewpointshere Page13of 19 and there. For usmanycustomerswerebuyingpremiumEVsearlier, but theywantedaproduct for TCO. So, nowthere's mass market products for them. But parallellywhat'salso happening is many customers who are buying let's say 125to150CCmotorbikes,slightly mid-market motorbikes are actually buying the premium EV scooters now,because better performance, better torque, better functionality of a scooter versus amotorbike in urban areas. So, there are many market dynamicswhichareveryhardtoforecast beyond a point and that's why our strategy and effort is to just let theseproducts be in the market, there will be some cannibalization, the premiumportfoliowill do of motorbikes, some it will growwithinthepremiumscooter segment, themassof scooters will cannibalize our premium, but the mass will also much largelycannibalize the ICE scooters actually and even actually the mass is cannibalizing theICEmotorbikesegment wewerelookingat somedata.

And just the last question is on the distribution side, right. Before our IPO, ourexperience centers were at I think around935, currentlyweareat 782andinour RHPwe had guided that we will have 300 experience centers by FY'26. Why there is achangeinstrategiesmorebecauseof pressuresor isthis-?

See, the 900 to 780-odd was just some real estate which was not performing, weremoved that and then we consolidated our stores into the performing ones and allthese stores are performing well, like I said, the average isabout 130-oddper quarter,which is 2 to 3 times the industry average. Now, when we were planning ourexpansion, we actually had initially thought we will do more incrementally, a fewhundred, but we're now seeing that the EV penetration is actually at this inflectionpoint. So, we nowactually want to go deep into many markets. For example, let'ssaywhile in urban centers, we haveenoughstores, but let'ssayinacitylikeBangalorewehave about 25, 30 stores, whereas an incumbent 2-Wheeler company might have 70,80 100 stores. So, we will do some densification. We don't needtobe1:1 becauseourproductivity per store is much higher. And then even if you think of other tier 2 cities,let's take my hometown, Ludhiana, the whole district, we have only about one to twostores in the wholedistrict, anincumbent ICEcompanywill haveabout 7to10storesinthe whole district. So, there are places where the closest OLAstore is about 50, 60kilometers away, yet these are towns with a 1-2 lakh population, there is enough2-Wheeler cells over there. Andasour motorbikesarealsocomingin, wefeel wehavethe product portfolio to nowgo into up country in terms of distribution. So, that's theoverall thinking and hence we decided to allocate some more capital to a fasterexpansion.

The next question is from the line of Jinesh Gandhi from Ambit Capital. Please goahead. Page14of 19

Couple of questions frommy side. One is we have talked about 20 percentage pointreduction in cost due to Gen. 3. Would it be possible to get somebreakdownhowdowecometothat 20%number, wherearethesavingscomingfromwithintheGen. 3?

Jinesh, there's actually a very nice video in the Shareholders’ Letter which maybeoffline, you can see if you haven't seen already, it'll give you a very good conceptualarchitecture of the Gen 3 platform, but somehighlightsare, we'redoingrearchitectureof the motor platform which reduces cost, increases power density. We're doingrearchitecture of the electronics platform to lower the number of ECUs into smaller,largelyasingleboard, we'redoingsomeverycool workonbatteryasastructurewhichtakes away some layers of plastic, we're doing some veryinterestingworkonthewaythe mechanicals, the fabrication of the vehicle happens in the factory, which reducesthe manufacturing cost, we're doing more automation in thefactory, we'redoingmorevertical integration, some things which we were outsourced to suppliers like forexample, the motor tier twos, we might bring some of those things also into our ownmanufacturing, becauseweseeaveryquickreturnoncapital onthosethings. So, all ofthese added up, get you the 20% savings. More specifics we won't be sharing eachidea, but you can assume each of these broad categoriesof mechanicals, electronics,powertrain, etc., all of themaddup.

And effectively by next quarter 3Qour PLI should go up from5%to 14%given all ourproducts have beenapprovedwhicharethereinthemarket today. Isthat theright waytothinkabout PLI?

See, theentirequarter wewill havePLI accrual for all theproductsinQ3andQ4. Thereis also slabs in PLI likeactuallycangohigher than13%basedonwhichslabyouareonthetopline, etc., So, I thinkbut minimum13%ontheproduct isgiven.

With respect to the cell manufacturing, which will come from 1Q FY26, what kind ofsavings doweexpect, I mean, whereareweintermsof our current cell cost, whichhasbeen imported and what would be the cost of manufacturing for us for the upcomingcells?

See, on cell, I will actually comment first on the segment P&L because you'll have tolook at the cell segment P&L differentlyandtheautomotivesegment P&Ldifferentlyatthat point. But if I give you right nowa consolidated number, see, the cell at a grossmargin level will be much more profitable on day one versus procuring fromoutside,but there will be some costs we will beincurringfor scale, whichwewill growintothatas the cell production scale. So, roughlyabout 5GwHiswhenour owncell productionwill be much cheaper than procuring fromoutside. Andthat'stheseventoeight pointsof savingsfurther. So, that will happenbythetimeweget tobetween3to5GwH. Page15of 19

Lastly, canyoutalkabout theCAPEXplanfor FY'25andFY'26?

So, on the CAPEX plan, what we have also highlighted in our book and continue toengage on that is that a), there is a cell project which is currently happening. You willnote that we have completed 1A, 1B's in progress, thenthat will befollowedbyscalingup from 5 GwH onwards, for which around 1,200 crores as we already raised in theIPO. That's the current road map fromnowfor FY'25 and FY'26 and then beyondfivelater. The auto side, there is obviouslynewproduct launchwhicharehappeningat themotorcycles and the 3-Wheelers we spoke about. That will require a certain level ofCAPEX followed by capacity expansion from a current 1 million onwards to 2 million.These are the largely broad buckets of CAPEXiswheretheinvestment will gointothecomingcoupleof years.

If I add to that, Harish, on the product development CAPEX, therearetwothings. Oneis factory expansion and the second is actually the R&D or the investments on thetooling, etc., which is more on the product things. Since thefactoryisalreadybuilt outfor much larger scale, factory expansion CAPEX will not be similar to what we havedone so far. So, that will be much more tapered down even as we increase volumes.But for each newproduct we build, there will be some capital expenseacrosstoolingandtestingandsomehomologation, etc.,

So, first half we invested roughly about 280 crores, there should be close to 800 to1,000croresgiventhat investment will alsoculminateintermsof thecashflowcell?

On the cell side, theroughmathisroughlyaroundUSD45toUSD50millionper GwH,it continues to taper downaswescaleup, andinthegoingupfrom1Bproject itself wehave got around 1,800 crores of debt facility from SBI and already invested our400-odd crores that takes us tofiveandthenbeyond. So, that'stheroughmathonthecell side.

The next questioncomesfromthelineof PramodAmtewithInCredEquities. Pleasegoahead.

So, first question is with regard to your grouppresence. Lookingat youareexpandingfromscooter to motorcycles and if I lookat your peerswhereyouhadanadvantageofproduct launch earlier in scooters versus motorcycle, do you see financing as a bigenabler for EVs, andinthat context, doesit makesensetohavecaptivefinancing?

See, financing is a very important thing for 2-Wheeler customers. But even if youlookat our scooter financing percentage, it'sI thinkintheearly60spercentageof productsbeing financed. It doesn't feel like it'saconstraint for penetrationright now. Banksandall areverycomfortablelendingtoEVsnowcomparedtothreeyearsago. Andwehave Page16of 19 our group company, Ola Financial Services, whichdistributestheloan. Wekeepaverylarge part of the margin. So, in that sense, we are actually generating margin withoutusing any balance sheet. So, we are able to monetize some of the lending andinsurancecommissionswithout havingtodeployour balancesheet.

And what proportion of your sales are funded through this entity, right, if you canjustsupport it?

There's no funding of sales. This entity is also just a platform. This entity doesn't takeany balance sheet also. It's just banks like IDFC, HDFC, Axisor other NBFCswhichdotheloansactually.

And the second one is with regard to the pricing action in the EVspace. Consideringthat you come from a completely different background as compared to a typicalautomaker who are very sacrosanct about thesellingpriceandthewaythebrandsarepositioned, sohowdoyoulookat aproduct -- isit morelikeaconsumer durablewherethe price points are very drastically to make it more affordable at any given point oftime? Second, where you can play around with a muchwider scopeof variantsandalltokeeptheconsumer excitement alive?

Interestingquestion. See, onpricing, if youlookat current -

Intermsof pricing, right, thewayconventional autosaredesigned, similarly–

So, we think very first principles about these things. So, we think of a pricing basiswhatever is required for penetration as well as whatever our margin structure canafford us. I don't believe the modern customer really holds a brand and pricinginterplay. Brand is built by product, not by pricing. And if you think of the currentcontext also with competitive pricing actions, I actually feel these competitors, they'renot goingtobeabletosustainthesedeepdiscountsastheindustryscalesupbecausethey don't have the margin structure and then you guys are all the smart people onunderstanding their margins. So, I just don't feel they have the vertically integratedmanufacturing for EVs or technology capability to truly sustain some of theseat scale,whereas we have really deeply invested in those. So, that gives us the ability topriceaggressively, andwewill alwayscontinuetobemoreinnovativeonpricing.

But do you feel it's more inclinedastheEVspaceevolvesinIndiatoo, likegloballythepricingcan't besacrosanct consideringtechnologycurveisverysteep, right?

See, I don't think pricing and brand are linked. I think product and brand are linked.That'sthequestion. Page17of 19

But does technology alsoplayasubstantial role, right, whenyoulookat costingversuspricing?

Absolutely. 100%. See, the reason we are able to growour margins, and all the whilealso pass on some benefit to consumers is because all of this is through technologydevelopment. Technologyenablesbetter marginsbecauseit bringscost down.

The third question is with regard to the cell plant. What is the update in terms oftechnology development drive process and how far you have gone in terms ofstabilizationof thesameif youcanupdate?

Our cell process has actually evolved a lot. There are two steps in the cell process.First is in the lab, we call that the R&Dstep. Second is in the factory, we call that themanufacturingprocessvalidationstep. So, our R&Dandlinkcertificationswereall donelast quarter itself. And since over the last I think three to four months, we have beenfocusing on the factory process stabilization, now we have developed both Wet andDry electrodes, the Dry isabit of amoonshot, wehaveverygoodprogressontheDryelectrode also. The Dry electrode will be cheaper than theWet electrode, but our Wetelectrode also is actually fairly advanced and if you recall, maybe if wespokeearlier, Iwould have shared that the first cell, actually the generation one cell that wedeveloped was the Wet electrode cell and then we continued to evolve the Wetelectrode technology for us as well as we added our Dry electrode asanExperiment.So, we have both options. Wet is obviously very mature. We have that cell systemready, the giga factory is being tested, all productionsystemsyoucanseeimageof allthese, the mixing, the electrode formation, the cell assembly and winding, theelectrolyte as well as the formation stage. All of themare goingthroughveryrigorousdesign of experiments. The Dry one also the only thing that changes the electrodemanufacturing, everything else downstream remains exactly the same. So, as we aredeveloping Dry technology, onceit matures, wemight actuallychangeover toDry. TheWet isanywaysmaturefor us.

Thenext questioncomesfromKapil SinghfromNomura. Pleasegoahead.

I am curious to understand, some of the states have seen very good EVpenetration.Any thoughts you have what has gone right in these states, what are the enablingfactorsthat arehelpingusmuchfaster EVpenetration?

See, states which have had very sharpriseinpenetrationinthelast sixtoninemonthslike Rajasthan, UP, etc., are the states which are actually more price-sensitive. So, themass market portfolio has really taken off over there. And nowwe are also doublingdown with increasing our distribution in those states. Our distribution was actuallySouth and West heavy. And now we are increasing in the North as well as the Page18of 19 Northwest part of India. So, we feel asour S1Xproduct goesevenbeyondintodeeperupcountry, there'll beaverystrongdemandfor it. IntheSouthandWest marketsalso, ifyou look at, urban markets are more penetrated, deeper rural marketsneedalittlebitmore distribution access fromus, which also over the next 2-3 months asweadd, wefeel confident that those markets will also growand even the premiumportfolio will Ifeel that in rural areas in these SouthandWest regions, thepremiumportfoliowill alsosell.

And anything on electricity availability as well you feel is making a difference insomeof thestates?

No, I don't think electricity availability is a challenge anywhere. I don't know whichstatesarelowonelectricity, but I haven't heardthat fromtheground.

Just one morequestionwasoncell chemistry. YouguysaredoingNMCandalso4680.Any thoughts whether therewill beaneedfor LFPbecausesomeof theOEMsgloballyaswell asinIndiaarealsoexploringLFP. So, just your thoughtsonthat?

So, we are actually working on both. Thefirst cell that will comeout inQ1 FY'26will bean NMCcell, but the same platformof the cell which is the 4680 platformcandoLFPalso and we have anexperimental project workingonLFP, wehavecell systemswhichare undergoing testing on LFP, although we are still maybe a year and a half or twoaway from productionizing it. So, the first step is actually to get the NMCcell up andgoing, andtheninthesamecell system, thesamemanufacturingfacilitywecandoLFPalso.

Ladies andgentlemen, intheinterest of time, that wasthelast questionfor today. I nowhandtheconferenceover toAbhishekfor closingcomments.

Thank yousomuch, everyonefor your timeandall your questionsduringthecall todayand once again, thank you so much for joiningusandwelookforwardtomeetingyouall duringour next earningsconference. Thankyou.

On behalf of Ola Electric, that concludes this conference. Thankyoufor joiningusandyoumaynowdisconnect your lines. Page19of 19