Electric vehicles manufacturer Olectra Greentech has experienced a significant boost in its profit after tax for the September quarter of 2023-24. According to a statement released by the company, the profit after tax has nearly tripled to Rs 18.58 crore, compared to Rs 7.42 crore in the same period last year. This impressive growth can be attributed to higher revenues.
In terms of revenue, Olectra Greentech achieved a remarkable milestone in the second quarter of FY24, with revenue reaching Rs 307.16 crore, up from Rs 177.34 crore in the previous year. The increase in revenue is primarily driven by an upsurge in vehicle deliveries. The company delivered 154 electric vehicles during this quarter, surpassing the 111 vehicles delivered in the corresponding period of 2022-23. In total, Olectra Greentech has delivered over 1,437 electric vehicles to date, showcasing strong demand for their products. Moreover, the company currently has an impressive total of 8,208 bus orders.
The half-year financial results also highlight Olectra Greentech’s success. The company reported an Earnings Per Share (EPS) of Rs 4.40 for the six months ending September 30, 2023, compared to Rs 2.95 in the previous year. Additionally, the profit after tax for the first half of 2023-24 was Rs 36.65 crore, marking a 52% increase compared to the same period last year. Furthermore, the company’s revenue during this period rose by 14% year-on-year, reaching Rs 523.18 crore.
KV Pradeep, the CMD of Olectra Greentech, expressed satisfaction with the company’s performance and highlighted their focus on expanding manufacturing capacity and enhancing technological capabilities. He also emphasized the strong order book and provided an update on the progress of their Seetarampur factory construction, which is taking place on a sprawling 150-acre site. Pradeep expects this new factory to further boost production capacity.
Olectra Greentech’s impressive financial results and continued growth emphasize its position as a prominent electric vehicles manufacturer. With the increasing demand for electric vehicles and their strong presence in the market, the company is well-positioned for future success.
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