Olectra Greentech profit up 86% in FY23

Hyderabad: Leading electric bus manufacturer Olectra Greentech Limited (OGL) reported 86 per cent year-on-year (y-o-y) rise in consolidated net profit at Rs 65.59 crore in FY 2022-23, when compared to Rs 35.35 crore in FY22. Similarly, the consolidated revenue increased 84 per cent to Rs 1,090.76 crore in FY23, from Rs 593.26 crore in FY22.

The company’s standalone net profit surged up 98 per cent to Rs 70.70 crore in FY23, from Rs 35.70 crore in FY22. Its standalone revenue also grew 94 per cent to Rs 1,134.41 crore in FY23, from Rs 585.43 crore in FY22. During FY23, OGL recorded the highest deliveries of e-buses. The deliveries increased 117 per cent to 563 e-buses in FY23, against 259 in FY22.

Strong demand continues with the total number of orders on hand at 3,394 units. Commenting on the results, OGL CMD KV Pradeep said, “We are pleased to report strong growth in both our standalone and consolidated revenue and profitability for FY23. Although there continues to be supply chain and other macro risks our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. This has helped us maintain our leadership position in the electric segment.” “We remain committed to contributing towards the clean mobility agenda of the country and look forward to a strong growth trajectory in the coming years,” he added.