Olectra earns `248.6 cr in Q3

Hyderabad: City-based electric mobility company Olectra Greentech Limited (Olectra), India on Wednesday said on a standalone basis, it has recorded unaudited revenue of Rs 248.6 crore for October-December quarter (Q3) financial year 2022-23 against Rs 207.1 crore in the corresponding quarter previous fiscal.

The 20 per cent revenue growth in Q3 FY 23 is mainly due to the supply of 142 electric buses during the current quarter as against 103 buses delivered in the corresponding quarter, the company said.

The revenue for the current nine months period ended December 22 was Rs 766.0 crore as against the corresponding period of Rs 317.3 crore, indicating an increase of 141 per cent.

KV Pradeep, CMD of Olectra said, "Over the last few quarters, despite the supply chain disruptions witnessed across the globe, we have continued to demonstrate strong business performance which has resulted in sustainable revenue and margin growth. We are optimistic about continuing with the same trend in the coming quarters and focus on fulfilling the remaining orders."

The company posted a net profit of Rs 42.9 crore for the nine months period ended December 2022, as against a net profit of Rs 18.2 crore in the corresponding period ended December 31, 2021. As a result, net profit increased by Rs 24.7 crore (136 per cent), it added. As per the company's report, in the Q3 FY 22-23 Olectra's net order of electric buses stood at 3,220. "In this quarter we delivered 142 electric buses against 103 electric buses delivered in the corresponding quarter last year. This jump was driven by the need to meet the climate goals and to replace the ageing fleets in the government public transport systems," the CMD said.