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Olectra Q1 Results: Firm posts over 9 fold jump in profit after tax

Electric mobility company Olectra Greentech Limited (Olectra), has posted a nine fold jump in profit after tax for the quarter ending June 2022.

Profit after tax for the company came in at Rs 18.8 crore against Rs 2 crore in the corresponding previous quarter.

Revenue from operations stood at Rs.304.7 crores, up over sevenfold, as against Rs.41.2 crores for the corresponding quarter ended 30th June 2021.

“The significant revenue growth is mainly due to the supply of 169 Electric buses during the quarter, as against only 11 buses delivered in Q1 FY2021,” the company said in a press statement.

The Ebitda or operating profit is up over four fold to Rs.36.8 crores, against 8.7 crores.

“Our relentless efforts have resulted in favourable output. As we ramped up e-bus manufacturing, the deliveries increased to a record level of 169,” said K.V.Pradeep, Chairman and Managing Director, adding that the company has increased the deliveries to various state transport units and will honour the delivery schedules. ” We will introduce the new product line and penetrate more segments in the coming quarters.”

The company’s E-Bus division has recorded a revenue of Rs.279.4 crores for the quarter ended 30th June 2022 against Rs. 23.4 crores for the corresponding quarter ended 30th June 2021.

Insulator division has recorded a topline of Rs 25.3 Crores for the quarter ended 30th June 2022 against Rs 17.8 Crores for the corresponding quarter ended 30th June 2021, resulting in an increase in topline by 42 %, mainly due to an increase in high customer clearances.

Olectra Greentech is a group company of infrastructure major Megha Engineering and Infrastructures Ltd.

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