Olectra Greentech Q2 PAT nearly triples to Rs 19 cr

Electric vehicles manufacturer Olectra Greentech's profit after tax nearly tripled to Rs 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was Rs 7.42 crore, a company statement said.

Revenue for Q2 FY24 was Rs 307.16 crore as against Rs 177.34 crore earlier.

It said the revenue grew due to increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated.

The company has delivered over 1,437 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 8,208 units, it stated.

The company reported Earnings Per Share (EPS) of Rs 4.40 for the half year ended September 30, 2023, compared to Rs 2.95 for the year-ago period.

During the first half of 2023-24, the PAT was Rs 36.65 crore, up 52 per cent, compared to the same period a year ago. Revenue was Rs 523.18 crore, up 14 per cent year-on-year.

Olectra Greentech CMD KV Pradeep said, "Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book."

The construction work of the Seetarampur factory that is coming up over 150 acres is racing ahead. With this factory, the production capacity will further increase, he added.