Olectra Greentech Q2 Profit Triples to Rs 19 Cr
By Rediff Money Desk, NEWDELHI Nov 05, 2023 12:28
Olectra Greentech's Q2 PAT surged to Rs 18.58 crore, driven by higher revenue and increased vehicle deliveries. The company delivered 154 electric vehicles in the quarter.
New Delhi, Nov 5 (PTI) Electric vehicles manufacturer Olectra Greentech's profit after tax nearly tripled to Rs 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues.
In the year-ago period, the PAT was Rs 7.42 crore, a company statement said.
Revenue for Q2 FY24 was Rs 307.16 crore as against Rs 177.34 crore earlier.
It said the revenue grew due to increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated.
The company has delivered over 1,437 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 8,208 units, it stated.
The company reported 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, the PAT was Rs 36.65 crore, up 52 per cent, compared to the same period a year ago. Revenue was Rs 523.18 crore, up 14 per cent year-on-year.
Olectra Greentech CMD KV Pradeep said, "Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book."
The construction work of the Seetarampur factory that is coming up over 150 acres is racing ahead. With this factory, the production capacity will further increase, he added.
In the year-ago period, the PAT was Rs 7.42 crore, a company statement said.
Revenue for Q2 FY24 was Rs 307.16 crore as against Rs 177.34 crore earlier.
It said the revenue grew due to increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated.
The company has delivered over 1,437 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 8,208 units, it stated.
The company reported 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, the PAT was Rs 36.65 crore, up 52 per cent, compared to the same period a year ago. Revenue was Rs 523.18 crore, up 14 per cent year-on-year.
Olectra Greentech CMD KV Pradeep said, "Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book."
The construction work of the Seetarampur factory that is coming up over 150 acres is racing ahead. With this factory, the production capacity will further increase, he added.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226130927
- IFL Enterprises
- 1.30 (+ 4.84)
- 81453638
- Vodafone Idea L
- 16.84 (+ 0.96)
- 64030607
- NCL Research
- 0.95 ( -4.04)
- 31575746
- Franklin Industries
- 3.76 (+ 4.16)
- 20994276
MORE NEWS
Bharat Agri Fert & Realty: Rs 800 Cr...
Bharat Agri Fert & Realty expects Rs 800 crore revenue from its new housing project...
Bharat Agri Fert & Realty Launches New...
Bharat Agri Fert & Realty launches a new housing project in MMR, targeting Rs 800...
India-UAE Trade Pact: GTRI Raises Concerns Over...
GTRI expresses concerns about increased precious metal imports from UAE under the...