Olectra Greentech, a leading electric commercial vehicle manufacturer has announced its financial results for Q3 and 9-month of FY2024. For the quarter, the company reported revenue of Rs 342.14 crore, up 33 percent YoY and net profit of Rs 27.11 crore, up 77 percent YoY. The company delivered 178 EVs compared to 142 delivered a year ago, an increase of 25 percent, with this the company has delivered 1,615 electric vehicles till date.
Furthermore, the company says the total number of bus orders on hand is 8,088 units.
For the 9-month period the revenue came at Rs 865.33 crore, up 21 percent and net profit of Rs 63.76 crore, up 62 percent, compared to Rs 39.40 crore last year.
K V Pradeep, Chairman & MD, Olectra Greentech said, “We are pleased to report strong growth in our consolidated revenue and profitability for the Q3 and 9 Months FY2023-24. 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.”
