Olectra Greentech, a leading electric vehicle manufacturer, announced a remarkable 77% surge in net profit, reaching Rs 27.11 crore for the quarter ending December 2023, attributed to increased revenues.
The company’s Q3 FY2023-24 revenue witnessed a substantial 33% rise, totalling Rs 342.14 crore, primarily driven by elevated deliveries. Olectra Greentech has successfully delivered 1,615 electric vehicles to date, maintaining a robust order pipeline with 8,088 bus units.
During the quarter, 178 electric vehicles were delivered, reflecting a 25% increase from the same period in 2022-23.
Managing Director KV Pradeep highlighted ongoing efforts to expand manufacturing capacity and technology capabilities, with a new factory set to commence partial production in February 2024, contributing to increased production capacity.
The company’s earnings per share (EPS) for the nine months ending December 31, 2023, stood at Rs 7.69, up from Rs 4.70 in the previous year.
