Olectra Greentech Q3 revenue zooms 244%

Hyderabad: City-based Olectra Greentech Limited (Olectra), India's leading electric bus manufacturing and mobility company, has recorded a 244 per cent jump in revenue from operations of Rs 207.1 crore for the quarter ending December 31, 2021 against Rs 60.1 crore for the corresponding quarter that last financial year. This growth is mainly due to the supply of electric buses (103 buses in Q3 21-22 against 13 buses in Q3 2020-21) and higher operating income in the current quarter from Pune bus operations.

The e-bus division recorded a top-line of Rs 186 crore for the quarter ending December 31, 2021 against Rs 28.7 crore for the corresponding quarter under review in the last fiscal, resulting in a significant jump.

The insulator division has recorded a Rs 21.1 crore during the quarter under review as against Rs 31.4 crore for the corresponding quarter of the previous financial year, resulting in a decline in by 32 per cent mainly due to lower offtake from customers.

The EBITDA is up by 308 per cent to Rs 27 crore from Rs 6.7 crore. The profit after tax for the company has shown a significant improvement of Rs 7.9 crore, or 173 per cent, from a position of Rs 4.6 crore in the year ago period of Q3 2020-21 to the position of Rs 12.5 crore in Q3 2021-22 mainly due to higher volumes in the E-Bus division. Currently, the company has an order book for 1,523 Electric buses.

Chairman and Managing Director of OGL KV Pradeep said, "The team Olectra feels proud to achieve this historic performance. We are getting ready to begin the construction of a state-of-the-art EV manufacturing plant in Hyderabad. By seeing the company's potential, many Foreign Direct Investors (FDI) are showing interest to invest in the company. We are humbled to announce that the number of shareholders in the company have increased to over one lakh during the last quarter. The deliveries are picking up, and we are confident of meeting the demands."