New Delhi, Dec. 7 -- Bengaluru-based Ola Electric's July-September earnings call on 6 November had some surprises for analysts and investors. To begin with, founder, chairman and managing director Bhavish Aggarwal slashed the company's full-year guidance by a third to Rs.3,000-3,200 crore, just three months after saying it would earn Rs.4,200-4,700 crore.

Taken by surprise, analysts were quick to seek an explanation. "[You] are Ebitda positive, as.guided last time, but it appears to have come at the cost of sacrificing volume. Could you help us understand what gives you comfort that this trade-off is sustainable and strategically sound," asked Arun Kejriwal, founder of Kejriwal Research and Investment Services.

In a lengthy response, Ag...