Olectra Greentech announces Q2 Results, net profit jumps 150 percent

New Delhi, 05th Nov, 2023 :

India’s leading electric vehicles manufacturer Olectra Greentech Limited (OGL), has announced its Q2 and half-year consolidated financial results ending September 30, 2023. The Board of Directors, in its meeting held on Saturday, officially approved these remarkable achievements.

During the quarter under report, Olectra delivered 154 electric vehicles, against the 111 delivered in 2022-23, an increase of 39 percent. The revenue for Q2 FY 23-24 stood at Rs 307.16 crore, up by 73%.

This significant revenue growth was recorded due to the increase in deliveries. The company has delivered over 1437 electric vehicles till date. The strong demand continues with the total number of bus orders on hand standing at 8,208 units.

The company’s EBITDA in Q2 FY23-24 reached an impressive Rs 45.06 crore, marking a substantial 72% increase compared to the previous year.

The PBT has surged to Rs 26.57 crore, a remarkable 141% increase from the previous fiscal year’s Rs 11.03 crore. The PAT stands at Rs. 18.58 crore, compared to Rs 7.42 crore in the previous fiscal year up by 150%.

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 previous half year ending September 30, 2022.

Performance Highlights of H1-half year:

The revenue for H1 FY23-24 was Rs 523.18 crore, up by14%. The company’s EBITDA in H1 reached an impressive Rs 86.57 crore, marking a substantial 33% increase compared to the previous year.

The PBT surged to Rs 51.83 crore, a remarkable 53% increase from the previous fiscal year’s Rs 33.92 crore. The PAT stands at Rs 36.65 crore, up by 52%, compared to the previous fiscal year’s Rs 24.10 crore.

Commenting on the results, Olectra Greentech Limited CMD Mr K. V. Pradeep said: “We are pleased to report strong growth in our consolidated revenue and profitability for the Q2 and H1 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 that is coming up over 150 acres is racing ahead. With this factory our production capacity will further increase, he added.