Olectra Greentech, a maker of electric vehicles, saw a roughly threefold increase in profit after taxes in the September quarter of 2023–2024, primarily due to increased revenues.
According to a business statement, the PAT for the same time last year was Rs 7.42 crore.
Revenue increased to Rs 307.16 crore in Q2 FY24 from Rs 177.34 crore in the previous quarter.
It stated that a rise in car deliveries was the reason for the revenue growth. According to the report, Olectra delivered 154 electric vehicles in the quarter under review compared to 111 during the same time in 2022–2023.
To date, the firm has delivered more than 1,437 electric automobiles. It said that there is still a high level of demand, with 8,208 bus orders total.
For the half year that concluded on September 30, 2023, the company recorded Earnings Per Share (EPS) of Rs 4.40, up from Rs 2.95 for the same time the previous year.
In comparison to the same period last year, the PAT for the first half of 2023–24 was Rs 36.65 crore, a 52 percent increase. Revenue increased 14% year over year to Rs 523.18 crore.
“Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities,” stated KV Pradeep, CMD of Olectra Greentech. Additionally, our order book is robust.” The building of the Seetarampur facility, spanning more than 150 acres, is progressing quickly. He said that the production capacity will rise even more with this factory.
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