Olectra Greentech net profit rises 52 pc to Rs 27 cr in March quarter

Electric bus manufacturer Olectra Greentech posted a 52 per cent rise in its consolidated net profit to Rs 27.01 crore in the March quarter, mainly on the back of higher revenues.

''The consolidated net profit for Q4 FY23 (January to March 2023) was Rs 27.01 crore, as compared to a net profit of Rs 17.77 crore in Q4 FY22 (January to March 2022),'' a company statement said on Friday.

Its consolidated revenue for the quarter stood at Rs 375.91 crore, up 39 per cent year-on-year, from Rs 271.3 crore in same period a year ago.

The consolidated net profit for FY23 was up 86 per cent Rs 65.59 crore as against Rs 35.35 crore in FY22.

For FY23, the consolidated revenue increased 84 per cent to stand at Rs 1,090.76 crore as compared with Rs 593.26 crore in the year-ago period.

''We are pleased to report strong growth in both our standalone and consolidated revenue and profitability for the year ended March 31, 2023,'' Olectra Greentech Chairman and Managing Director K V Pradeep said in the statement.

Although there continues to be supply chain and other macro risks, the focus remains on increasing the manufacturing capacity and enhancing the technology capabilities, he said, adding that this has helped the company maintain its leadership position in the electric bus segment.