Olectra Q1 FY23 Net Profit jumps 825.2%

• Revenue grew by 640.4 per cent
• Delivered 169 E-buses in Q1

HYDERABAD, India, July 28, 2022 /PRNewswire/ -- Olectra Greentech Limited (Olectra), India's leading electric mobility company, on standalone basis, has recorded revenue from operations of Rs.304.7 crores for the quarter ended 30th June 2022, as against Rs.41.2 crores for the corresponding quarter ended 30th June 2021. Resulting in significant revenue growth of 640 per cent, mainly due to the supply of 169 Electric buses during the quarter, as against only 11 buses delivered in Q1 FY2021. The higher operating income was recorded in the current quarter from Pune bus operations. The Profit after Tax grew by 825.2 per cent Y-o-Y basis to 18.8 crores as against the corresponding period last year Rs.2.0 crores. The EBITDA is up by 322.6 per cent to Rs.36.8 crores, as against 8.7 crores. The Profit Before Tax (PBT) is up by 799.9 per cent to Rs. 24.7 crores. 

On a Q-o-Q basis, the revenue grew by 13.6 per cent from Rs.268.1 crore to Rs.304.7 crores. The company has recorded a net profit of Rs.18.8 crores, up by 7.7 per cent. The EBITDA recorded a growth of 18.7 per cent. 

E-Bus division has recorded a revenue of Rs.279.4 crores for the quarter ended 30th June 2022 against Rs. 23.4 crores for the corresponding quarter ended 30th June 2021, resulting in significant growth of 1096 % mainly due to the supply of Electric buses (169 buses in Q1 22-23 against only 11 buses in Q1 2022-23) & higher operating income recorded in the current quarter from Pune Bus Operations.

Insulator division has recorded a topline of Rs. 25.3 Crores for the quarter ended 30th June 2022 against Rs. 17.8 Crores for the corresponding quarter ended 30th June 2021, resulting in an increase in topline by 42 %, mainly due to an increase in high customers clearances.

Commenting on the results, Mr. K.V.Pradeep, Chairman and Managing Director said, "Our relentless efforts have resulted in favourable output. As we ramped up the e-bus manufacturing, the deliveries increased to a record level of 169. We will continue the growth trajectory to the new leaps. We have increased the deliveries to various STUs, and we will honour the delivery schedules. The last quarter's performance has given me the confidence to strengthen further. We will introduce the new product line and penetrate more segments in the coming quarters."

About Olectra Greentech Limited (A Group Company of MEIL)

Established in 2000, Olectra Greentech Limited (a public listed company) – part of MEIL Group, pioneer in manufacturing of electric buses in India. It is also the largest manufacturer in India for Silicone Rubber/Composite Insulators for power transmission and distribution networks.

Photo: https://mma.prnewswire.com/media/1868292/MEIL_TSRTC_Bus.jpg