Olectra Greentech announces Q2 Results, net profit jumps 150 percent

New Delhi, 05th Nov, 2023 :

India’s main electrical autos producer Olectra Greentech Limited (OGL), has introduced its Q2 and half-year consolidated monetary outcomes ending September 30, 2023. The Board of Directors, in its assembly held on Saturday, formally authorized these outstanding achievements.

During the quarter underneath report, Olectra delivered 154 electrical autos, in opposition to the 111 delivered in 2022-23, a rise of 39 percent. The income for Q2 FY 23-24 stood at Rs 307.16 crore, up by 73%.

This important income development was recorded because of the improve in deliveries. The firm has delivered over 1437 electrical autos until date. The sturdy demand continues with the full variety of bus orders readily available standing at 8,208 models.

The firm’s EBITDA in Q2 FY23-24 reached a formidable Rs 45.06 crore, marking a considerable 72% improve in comparison with the earlier 12 months.

The PBT has surged to Rs 26.57 crore, a outstanding 141% improve from the earlier fiscal 12 months’s Rs 11.03 crore. The PAT stands at Rs. 18.58 crore, in comparison with Rs 7.42 crore within the earlier fiscal 12 months up by 150%.

The firm reported Earnings Per Share (EPS) of Rs 4.40 for the half 12 months ended September 30, 2023, in comparison with Rs 2.95 for the earlier half 12 months ending September 30, 2022.

Performance Highlights of H1-half 12 months:

The income for H1 FY23-24 was Rs 523.18 crore, up by14%. The firm’s EBITDA in H1 reached a formidable Rs 86.57 crore, marking a considerable 33% improve in comparison with the earlier 12 months.

The PBT surged to Rs 51.83 crore, a outstanding 53% improve from the earlier fiscal 12 months’s Rs 33.92 crore. The PAT stands at Rs 36.65 crore, up by 52%, in comparison with the earlier fiscal 12 months’s Rs 24.10 crore.

Commenting on the outcomes, Olectra Greentech Limited CMD Mr Ok. V. Pradeep mentioned: “We are happy to report sturdy development in our consolidated income and profitability for the Q2 and H1 FY23-24. Our focus continues on rising our manufacturing capability and enhancing our expertise capabilities. We even have a robust order e book.”

The development works of the Seetarampur manufacturing facility that’s arising over 150 acres is racing forward. With this manufacturing facility our manufacturing capability will additional improve, he added.