India's Olectra Greentech Q2 profit climbs 6.8%

Overview

• Indian electric vehicle maker's Q2 consolidated revenue from operations rose 4.6% yr/yr to INR 6.87 bln

• Consolidated net profit rose 6.84% yr/yr to INR 529.4 mln

• Company approved sale of 34% stake in Evey Trans Private Limited

Outlook

• Company did not provide specific guidance for future quarters or the full year in its press release

Result Drivers

• ENERGY AND MOBILITY REVENUE – Q2 revenue rose 4.6% yr/yr as the Energy Division added INR 226.72 mln and Mobility Division added INR 77.16 mln
  INVENTORY MOVEMENT – A INR 185.21 mln favourable swing in inventory changes partly offset a INR 253.59 mln rise in materials costs
  ASSOCIATE PROFIT – Share of associate profit swung to INR 30.95 mln from a INR 4.95 mln loss, accounting for most of the rise in profit before tax

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)