Electric vehicle maker Olectra Greentech’s profit after tax nearly tripled to Rs 18.58 crore in the September quarter of 2023-24, mainly due to higher revenues.
In the year-ago period, PAT stood at Rs 7.42 crore, a company statement said.
Revenue for the second quarter of FY24 stood at Rs 307.16 crore, compared to Rs 177.34 crore earlier.
Sales are said to have increased due to the increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, up from 111 in the same period of 2022-2023, the company said.
The company has delivered more than 1,437 electric vehicles to date. Strong demand continues, with total bus orders reaching 8,208 units, the company said.
The company reported an 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, PAT stood at Rs 36.65 crore, up 52 per cent compared to the same period a year ago. Revenue stood at Rs 523.18 crore, up 14 percent year-on-year.
Olectra Greentech CMD KV Pradeep said, “Our focus remains on increasing our production capacity and improving our technological capabilities. We also have a strong order book.”
The construction work of the Seetarampur factory, which covers over 150 hectares, is progressing rapidly. This plant will further increase production capacity, he added.
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First print: November 5, 2023 | 1:28 p.m IST
