Olectra Greentech net profit grows 192% in FY22

Hyderabad: Electric bus manufacturing company Olectra Greentech Ltd has reported 192.38 per cent growth in net profit at Rs 35.70 crore in the financial year 2021-22 as against Rs 12.21 crore during the previous fiscal year. During January-March quarter (Q4) of FY22, it has recorded 94.11 per cent rise in net profit at Rs 17.47 crore, when compared to Rs 9 crore in same quarter last fiscal.

The public listed company has registered 111 per cent increase in revenue from operations at Rs 585.4 crore in FY22 against Rs 277.2 crore for the corresponding period a year ago. This is mainly due to the supply of 259 e-buses in FY22 against 88 buses in FY21, and higher operating income recorded in the same year from Pune bus operations.

The e-mobility firm, which is a part of Megha Engineering and Infrastructures Ltd (MEIL) Group, Its revenue from operations witnessed a growth of 85 per cent at Rs 268 crore in Q4 of FY 22 over Rs 144.7 crore the same quarter previous fiscal, due to the supply of 127 e-buses in Q4 of FY22 against 68 e-buses in Q4 FY21, and higher operating income recorded in the current quarter from Pune bus operations.

Olectra Greentech's insulator division has seen 19 per cent rise in top-line at Rs 42.1 crore in Q4 of FY22 against Rs 35.4 crores for the corresponding quarter last fiscal. The e-bus division has recorded 107 per cent increase in the top-line at Rs 226 crore in Q4 of FY22 over Rs 109 crore for the corresponding quarter previous year.

The insulator division has recorded 11 per cent decline in top-line at Rs 108.1 crore in FY22 against Rs. 121.1 crore for the corresponding fiscal year, owing to lower offtake from customers. The e-bus division has recorded a top-line growth of 206 per cent at Rs 477.3 crore in FY22 against Rs. 156 crore for the corresponding year, due to supply of 259 e-buses in FY22 against 88 e-buses in FY21.

The board has recommended the final dividend of 10 per cent (Rs 0.40 only) per equity share of Rs 4 each. K V Pradeep, Chairman and Managing Director said, "We delivered the robust financial performance and announced the dividend as promised in AGM. The robust performance will continue and will meet the expectations." The team Olectra has completed the new product design and trials of the heavy-duty tipper, and soon it will be launched in the market.