Olectra Greentech’s Q2 Performance: PAT Triples to Rs 19 crore

Olectra Greentech, a prominent electric vehicles manufacturer, has witnessed a substantial increase in its Profit After Tax (PAT) for the September quarter of 2023-24. The PAT nearly tripled to Rs 18.58 crore compared to Rs 7.42 crore in the corresponding period last year, as per the company’s statement.

Revenue Growth and Delivery Numbers

The company reported a significant rise in revenue, with Q2 FY24 revenue reaching Rs 307.16 crore compared to Rs 177.34 crore in the previous year. This growth in revenue can be attributed to an increase in vehicle deliveries. Olectra delivered 154 electric vehicles during this quarter, marking a notable increase from the 111 deliveries made in the same period of 2022-23.

Order Book and Market Demand

Olectra Greentech highlighted the strong demand for its electric vehicles, with the total number of bus orders in hand standing at an impressive 8,208 units. To date, the company has successfully delivered over 1,437 electric vehicles, showcasing sustained market interest and demand for eco-friendly transport solutions.

Financial Performance and Outlook

The company reported an Earnings Per Share (EPS) of Rs 4.40 for the half-year ending September 30, 2023, compared to Rs 2.95 in the corresponding period last year. The first half of 2023-24 also saw a significant increase in PAT, reaching Rs 36.65 crore, marking a 52% growth year-on-year. Revenue for the same period stood at Rs 523.18 crore, reflecting a 14% increase compared to the previous year.

Commenting on the company’s performance, Olectra Greentech CMD KV Pradeep emphasized their focus on expanding manufacturing capacity and enhancing technology capabilities. He also mentioned the progress of the Seetarampur factory, covering over 150 acres, which is expected to further boost production capacity.

With a strong order book and positive market reception, Olectra Greentech remains poised for continued growth and innovation in the electric vehicles sector.