Olectra Greentech standalone net profit rises 3.92% in the Q3 FY23 Results

Olectra Greentech

Olectra Q3 FY23 Results: Net Profit Up 3.92% To Rs. 12.98 Crore At; Revenue Growth 20%

February 2023: Electric mobility company Olectra Greentech Limited in the third quarter of FY23 posted Rs. 12.98 crore in the previous quarter ended December 2021, up from Rs. 12.49 crore representing a year-on-year increase of 3.92%.

For the nine-month period ending December 2022, the company has charged Rs. 42.9 crore (USD 5.8 million) reported a profit after tax (PAT), up from Rs. 18.2 crore (USD 2.4 million) is 136% higher. In 2021.

For the three-month period ended December 31, 2023, sales stood at Rs. 248.6 crore ($33.5 million) was reported, a significant increase from the Rs 207.1 crore ($27.8 million) reported in the same quarter of 2021.

The company attributed the revenue growth. , of 20%, in the third quarter of the financial year 2022-2023 mainly for the supply of 142 electric buses during the current quarter, compared to the delivery of 103 buses in the same quarter in 2021.

For the current nine-month period ending December 2022, the company reported revenue of 766.0 crore rupees ($103 million), up 141% from the 317.3 crore rupees ($42.8 million) reported for the same period in 2021.

Further, Olectra’s earnings per share for the period ended December 2022 is expected to be Rs. 5.23, which for the same period in 2021 was Rs. was 2.22. KV Pradeep, Chairman and MD, Olectra said, “Despite global supply chain disruptions over the past few quarters, we have continued to demonstrate strong business performance resulting in

sustainable revenue and margin growth. We look forward to continuing Optimistic. Similar trend in coming quarters and focus on fulfilling remaining orders.”

The company booked a net order of 3,220 electric buses in the third quarter of the financial year 2022-2023.

Pradeep added that the company delivered 142 electric buses during the quarter, driven by the need to meet climate goals and replace the aging fleet in the government’s public transport system.

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