Govt replaces ageing fleets in public transport systems, says Pradeep
Olectra Greentech Limited (OLECTRA), India’s leading electric mobility company, has delivered 142 electric buses in the Q3 FY 22-23 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,” K V Pradeep, Chairman & Managing Director of OLECTRA, said on 25 Jan 2023.
The company’s net order of electric buses was 3,220 units during the Q3 FY 22-23.
Olectra has delivered e-buses to Nagpur, Silvassa, Surat and Dehradun at the beginning of the year.
As the company races towards completing its deliveries to various State Transport Corporations, Pradeep conceded that it will be hectic in the coming three months.
“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,” he said
“We are optimistic about continuing with the same trend in the coming quarters and focus on fulfilling the remaining orders.”
The Hyderabad-based Olectra Greentech Limited gave the update on deliveries along with its unaudited revenue which grew 20% per cent in Q3 FY 22-23, mainly due to the supply of 142 electric buses
It reported a revenue of Rs.248.6 crores for the quarter ended December 2022, as against Rs.207.1 crores for the corresponding quarter ended December 2021.
The company posted a net profit of Rs.13 crores for the quarter ended Dec’22 as against a net profit of Rs.12.5 crores for the quarter ended December 31, 2021. As a result, net profit increased by Rs.0.5 crores (Up 4%).
The Revenue for the current nine months period ended Dec’22 was Rs.766.0 crores as against the previous nine months period ended Dec’21 of Rs 317.3 Crores, an increase of 141%. This growth was attributed to the supply of 422 electric buses during nine months period ended Dec’22 as against 132 buses delivered in the corresponding nine months period ended Dec’21.
The company posted a net profit of Rs.42.9 crores for the nine months period ended Dec’22 as against a net profit of Rs.18.2 crores for the comparative nine months period a year ago. As a result, net profit increased by Rs.24.7 crores (Up 136%).
Established in 2000, Olectra Greentech Limited, a public listed company and a part of the MEIL Group, pioneered the introduction of electric buses in India in 2015. Its products are in line with the Government’s initiative towards clean transportation solutions. fiinews.com
