Olectra Greentech Limited board appoints K V Pradeep as Managing Director

Hyderabad: The Board of Directors of Olectra Greentech Limited (OGL) at their meeting held here on Thursday, appointed Mr Venkateswara Pradeep Karumuru (Mr K V Pradeep) a Non-Executive Director of the Company as Managing Director of the Company for 3 years w.e.f. 29th July 2021, subject to shareholders' approval. Mr K V Pradeep is a Civil Engineer with over 22 years of experience in business development, execution of projects and general management of EPC & aviation business.

The Board also approved Standalone and Consolidated Un-audited Financial Results along with the Limited Review Report for the first quarter ended 30th June 2021. Olectra Greentech is part of the Megha Engineering & Infrastructures Limited (MEIL) Group.

Commenting on the new appointment, Mr. KV Pradeep said, " I feel proud and happy to lead the fastest growing electric bus company in the country. I will continue the growth trajectory to the new leaps. As more and more countries adopting emission-free transportation means, we take part in introducing the most advanced and eco-friendly electric buses in the country."

OGL records 86% Revenue growth

OGL has recorded Revenue from operations of Rs. 41.15 Crores for the quarter ended 30th June 2021 against Rs. 22.15 Crores for the corresponding quarter ended 30th June 2020, resulting in top-line growth of 86%, mainly due to supply of Electric buses (11 buses in Q1 21-22 against NIL buses in Q1 2020-21) & higher operating income recorded in the current quarter from Pune Bus Operations.

The E-Bus division has recorded a top-line of Rs. 23.36 Crores for the quarter ended 30th June 2021 against Rs. 0.25 Crores for the corresponding quarter ended 30th June 2020, resulting in a significant jump in top-line, mainly due to supply of Electric buses (11 buses in Q1 21-22 against NIL buses in Q1 20-21) and also recording operating income in the current quarter from Pune Bus Operations on assured KMs.

Overall, the higher Revenue from Operations mainly E-bus Division, the PAT for the company has shown a significant improvement of Rs. 5.65 Crores from a Loss position of Rs. 3.62 crores in Q1 2020-21 to positive bottom-line of Rs. 2.03 Crores in Q1 2021-22 mainly due to a) Better margins in both Insulator & E-Bus Divisions, and b) Cost savings in terms of employee & finance costs.

Healthy order book

The company also has a healthy order book for 1325 E-Buses out of which 87 buses are already delivered. For another 300 Electric Buses, the company has been declared as least quoted bidder and expecting the letters of award. Many other tenders for Electric Busses are under evaluation stage, wherein the company and its associate company have participated.

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.