Olectra Greentech net profit rises 77% to INR 27.11 cr in Q3

Source : PTI | New Delhi: Electric vehicles maker Olectra Greentech on Monday reported a 77% rise in its net profit to INR 27.11 crore for the December 2023 quarter on the back of higher revenues. “The PAT (net profit) stands at INR 27.11 crore (in the October-December quarter), compared to INR 15.30 crore in the previous fiscal year up by 77%,” a company statement said.

Its revenue surged 33% in Q3 FY2023-24 to INR 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries.

The company has delivered 1,615 electric vehicles to date. Strong demand continues with the total number of bus orders on hand at 8,088 units, it added.

During the quarter under review, Olectra delivered 178 electric vehicles, against 142 in 2022-23, an increase of 25%.

Olectra Greentech Managing Director KV Pradeep said, “We are pleased to report strong growth in our consolidated revenue and profitability for the Q3 and 9 Months FY23-24. Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book”.

The construction works of the Seetarampur factory, coming up over 150 acres, is racing ahead, and the company is commencing partial production from the new facility in February 2024, he added.

With this factory, the production capacity will further increase, he noted.

The company reported earnings per share (EPS) of INR 7.69 for the nine months ended December 31, 2023, compared to INR 4.70 a year ago.