Olectra Greentech Limited announces Q3 and Nine Months Consolidated Results

 Records net profit of Rs 27.11 crores in Q3 FY 23–24, 77% higher

• Deliveries increased to 178 electric vehicles in 2023–24 against 142 electric vehicles delivered in 2022–23
• EBITDA increased by 52%
• PAT saw a remarkable increase of 77% in Q3 FY 23–24

HYDERABAD, India, Jan. 29, 2024 /PRNewswire/ -- Leading electric vehicle manufacturer Olectra Greentech Limited (OGL), today announced its Q3 and Nine Months consolidated financial results ending December 31, 2023. The Board of Directors, in its meeting held today, officially approved these remarkable achievements.

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

The revenue for Q3 FY 23-–24 was Rs 342.14 crore, up by 33%. This significant revenue growth was recorded due to the deliveries. The company has delivered 1615 electric vehicles till date. Congratulations to the team for achieving these impressive results. Strong demand continues with the total number of bus orders on hand at 8,088 units.

The company's EBITDA in Q3FY23–24 reached an impressive Rs 56.10 crores, marking a substantial 52% increase compared to the previous year. The PBT has surged to Rs 33.84 crores, a remarkable 65% increase from the previous fiscal year's Rs 20.46 crores. The PAT stands at Rs 27.11 crores, compared to Rs 15.30 crores in the previous fiscal year up by 77%.

The company reported Earnings Per Share (EPS) of Rs 7.69 for the Nine months ended December 31, 2023, compared to Rs 4.70 for the previous Nine months ended December 31, 2022.

Performance Highlights of 9 Months December 31 2023

The revenue for 9 months FY23–24 was Rs 865.33 crore, up by 21%. The company's EBITDA in 9 months reached an impressive Rs 142.67 crores, marking a substantial 40% increase compared to the previous year. The PBT surged to Rs 85.67 crores, a remarkable 58% increase from the previous fiscal year's Rs 54.38 crores. The PAT stands at Rs 63.76 crores, up by 62%, compared to the previous fiscal year's Rs 39.40 crores.

Commenting on the results, Olectra Greentech Limited Chairman & Managing Director, Mr K. V. 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 that is coming up over 150 acres is racing ahead, and we are commencing partial production from the new facility in February 2024. With this factory our production capacity will further increase," he added. 

About Olectra

Established in 2000, Olectra Greentech Limited (a publicly listed company) is part of the MEIL Group, a pioneer in manufacturing electric buses in India.

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