Olectra Greentech Ltd, an electric mobility company, reported Q3 FY23 net profit at Rs 12.98 crore, an increase of 3.92% YoY from Rs 12.49 crore in the previous quarter ended December 2021.
For the nine-month period ending December 2022, the company reported profit after tax (PAT) of Rs 42.9 crore rupees (USD 5.8 million) , a 136% increase from the Rs 18.2 crore rupees (USD 2.4 million) reported for the same period in 2021.
Sales for the three-month period ended December 31, 2023 were reported at Rs 248.6 crore rupees ($33.5 million), a significant increase from the 207.1 crore rupees ($27.8 million) reported for the same quarter in 2021. The company attributes the revenue growth, of 20%, in the third quarter of the fiscal year 2022-2023 primarily to the supply of 142 electric buses during the current quarter, compared to 103 buses delivered in the same quarter in 2021.
For the current nine-month period ending December 2022, the company recorded revenue of 766.0 crore rupees ($103 million), a 141% increase from the 317.3 crore rupees ($42.8 million) reported for the same period in 2021.
Additionally, Olectra’s earnings per share came in at Rs 5.23 rupees for the period ending December 2022, compared to 2.22 rupees for the same period in 2021.
Chairman & MD of Olectra, KV Pradeep, stated, “Over the last few quarters, despite supply chain disruptions witnessed globally, we have continued to demonstrate strong business performance which has resulted in sustainable revenue and margin growth. We are optimistic about continuing with the same trend in the coming quarters and focus on fulfilling the remaining orders.”
The company reported a net order of 3,220 electric buses in the third quarter of fiscal year 2022-2023. Pradeep added that the company delivered 142 electric buses during this quarter, driven by the need to meet climate goals and replace aging fleets in government public transport systems.
