Olectra Greentech records Rs47.65cr profit in Q2 FY24-25, 156% higher Y-o-Y
• Deliveries increased to 315 electric vehicles in FY 24-25 against 154 delivered in FY 23-24 • EBITDA increased by 90 per cent • PBT increased by 144 per cent • PAT saw a remarkable increase of 156 per cent in Q2 FY 24-25
image for illustrative purpose
Olectra Greentech Bus
Olectra Greentech Bus fleet operated by TSRTC
Hyderabad: City-based Leading electric vehicles manufacturer Olectra Greentech Limited (OGL), has announced its Q2 and half-year consolidated financial results ending September 30, 2024. The company registered revenue of Rs 523.67 crore for Q2 FY 24-25 up by 70 per cent year on year.
The profit before tax (PBT) surged to Rs 64.83 crore, a remarkable 144 per cent increase from the previous fiscal year's Rs 26.57 crore. The profit after tax (PAT) stood at Rs 47.65 crore, compared to Rs 18.58 crore in the previous fiscal year, recording a by 156 per cent increase compared to a year ago period.
The company's EBITDA in Q2 FY24-25 reached an impressive Rs 85.69 crore, marking a substantial 90 per cent increase compared to the previous fiscal year.
During the quarter under report, Olectra delivered 315 electric vehicles, against the 154 delivered in FY 23-24, an increase of 105 per cent.
The company reported Earnings Per Share (EPS) of Rs 8.72 for the half year ended September 30, 2024, compared to Rs 4.40 for the previous half year ended September 30, 2023.
The Board of Directors, in its meeting, officially approved these remarkable achievements.
The significant revenue growth was recorded as a result of high deliveries during the quarter. The company has delivered 2,217 electric vehicles till date. Strong demand continues with the total number of bus orders on hand at 10,503 units.
Performance Highlights of H1-FY24-25
The revenue for H1 FY24-25 was Rs 837.61 crore, up by 60 per cent. The company's EBITDA in H1 reached an impressive Rs 136.20 crore, marking a substantial 57 per cent increase compared to the previous year. The PBT surged to Rs 96.68 crore, a remarkable 87 per cent increase from the previous fiscal year's Rs 51.83 crore. The PAT stands at Rs 71.91 crore, up by 96 per cent compared to the previous fiscal year's Rs 36.65 crore.
Commenting on the results, the company CMD K V Pradeep said, “We are pleased to report strong growth in our consolidated revenue and profitability for the Q2 and H1 FY24-25. Our focus continues on increasing our manufacturing and enhancing our technology capabilities. Our order book remains strong.”
