Olectra Q1 profit jumps 825%

Hyderabad: Olectra Greentech Ltd, India's leading electric mobility company, on standalone basis, has recorded revenue from operations of Rs 304.7 crore for the quarter (Q1) ended 30th June 2022, as against Rs 41.2 crore for the corresponding quarter last year.

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 (PAT) grew by 825.2 per cent to Rs 18.8 crore as against Rs 2 crore in the corresponding period last year. The EBITDA is up by 322.6 per cent to Rs 36.8 crore, as against 8.7 crore. The profit before tax (PBT) is up by 799.9 per cent to Rs 24.7 crore.

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

KV Pradeep, Chairman and Managing Director of the company, 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," he added.

E-Bus division has recorded a revenue of Rs 279.4 crore for the quarter ended 30th June 2022 against Rs 23.4 crore for the corresponding quarter ended 30th June 2021, resulting in significant growth of 1,096 per cent mainly due to the higher supply of electric buses.