Electric vehicle manufacturer Olectra Greentech recorded a significant increase in its profit after tax (PAT) during the September quarter of 2023-24, reaching INR 18.58 crore.
This substantial growth can be attributed to higher revenues compared to the same period in the previous year when the PAT was INR 7.42 crore. The company reported revenues of INR 307.16 crore for Q2 FY24, a substantial increase from the INR 177.34 crore reported earlier.
The surge in revenue can be attributed to an increase in vehicle deliveries. Olectra Greentech delivered 154 electric vehicles during the quarter under review, a notable rise from the 111 delivered in the corresponding period of 2022-23. The company’s total electric vehicle deliveries have now surpassed 1,437 units, and demand remains strong with an order backlog of 8,208 units.
For the first half of 2023-24, the company reported an Earnings Per Share (EPS) of INR 4.40, compared to INR 2.95 in the same period the previous year. The PAT for the first half of the fiscal year was INR 36.65 crore, marking a 52% increase compared to the same period in the previous year. Additionally, revenue for this period reached INR 523.18 crore, reflecting a 14% year-on-year increase.
KV Pradeep, CMD of Olectra Greentech, emphasized the company’s focus on expanding manufacturing capacity and enhancing technology capabilities. He also mentioned ongoing construction work for the Seetarampur factory, covering over 150 acres, which will further boost production capacity.