Olectra garners Rs 29.9cr profit

Hyderabad: Olectra Greentech Limited (Olectra), the electric mobility company from city-based MEIL Group announcing its unaudited consolidated financial results said it witnessed 369.4 per cent growth in revenue, mainly supported by supply of 280 electric buses as against 29 buses delivered in H1 (April-September) FY22.

In a statement Olectra said that the revenue earned from operations in H1 FY23 was Rs 517.4 crore against Rs 110.2 crore in the same period of the previous year. The higher operating income recorded in the current half year was mainly received from the Pune Bus operations. Further the company added that the Profit after Tax has seen a growth of 421.1 per cent year-on-year basis, with Rs 29.9 crore, as against Rs 5.7 crore, in the corresponding period of last year. The e-Bus division of the company recorded a revenue of Rs 468.2 crore for the quarter ended September 30, 2022 against Rs 65.4 crore seen in the corresponding half year ended September 30, 2022, resulting in significant growth of 615.8 per cent, mainly due to the supply of electric buses.

KV Pradeep, Chairman and Managing Director, Olectra Greentech Ltd said, "With a solid growth across all markets and a significant rise in our operating margin, we are happy to report a good half of FY 22-23." He further added "our success is a result of our commitment to push the boundaries, and the drive and talent of our workforce."