Olectra Greentech Q3 Profit Surges 77% to Rs 27.11 cr

New Delhi, Jan 29 (PTI) Electric vehicles maker Olectra Greentech on Monday reported a 77 per cent rise in its net profit to Rs 27.11 crore for the December 2023 quarter on the back of higher revenues.

"The PAT (net profit) stands at Rs 27.11 crore (in the October-December quarter), compared to Rs 15.30 crore in the previous fiscal year up by 77 per cent," a company statement said.

Its revenue surged 33 per cent in Q3 FY2023-24 to Rs 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries.

The company has delivered 1,615 electric vehicles to date. Strong demand continues with the total number of bus orders on hand at 8,088 units, it added.

During the quarter under review, Olectra delivered 178 electric vehicles, against 142 in 2022-23, an increase of 25 per cent.

Olectra Greentech Managing Director KV Pradeep said, "We are pleased to report strong growth in our consolidated revenue and profitability for the Q3 and 9 Months FY23-24. Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book".

The construction works of the Seetarampur factory, coming up over 150 acres, is racing ahead, and the company is commencing partial production from the new facility in February 2024, he added.

With this factory, the production capacity will further increase, he noted.

The company reported earnings per share (EPS) of Rs 7.69 for the nine months ended December 31, 2023, compared to Rs 4.70 a year ago.