Olectra Greentech Limited Unaudited Standalone Q3 FY 22-23 Results

• Revenue grew by 141% YoY
• Delivered 422 e-buses in Nine months period ended Dec'22

HYDERABAD, India, Jan. 25, 2023 /PRNewswire/ -- Olectra Greentech Limited (OLECTRA), India's leading electric mobility company, on a standalone basis, has recorded unaudited 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.  

This significant revenue growth of 20 per cent in Q3 FY 22-23 is mainly due to the supply of 142 electric buses during the current quarter as against 103 buses delivered in the corresponding quarter ended December 2021. As a result, OLECTRA's strong growth continues in the Q3 FY 22-23.  

The company posted a net profit of Rs 13.0 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 company reported Earning Per Share (EPS) of Rs 1.58 for the quarter ended Dec'22, compared to Rs 1.52 for the quarter ended December 31, 2021.

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 per cent.

This significant revenue growth of 141 per cent in nine months period ended Dec'22 is mainly due 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 nine months period ended December 31, 2021. As a result, net profit increased by Rs 24.7 Crores (Up 136%). 

The company reported Earning Per Share (EPS) of Rs 5.23 for the period ended December 31, 2022, compared to Rs 2.22 for the period ended December 31, 2021.

Mr KV Pradeep, Chairman & Managing Director 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."

In the Q3 FY 22-23 the company's net order of electric buses stands at 3,220 nos. He said, "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."  

At the beginning of the year, the company fulfilled and completed deliveries to Nagpur, Silvassa, Surat and Dehradun.

As the company races towards completing its deliveries to various State Transport Corporations, Mr Pradeep added, it will be hectic in the coming three months.

About Olectra Greentech Limited (Olectra)

Established in 2000, Olectra Greentech Limited (a public listed company) – part of the MEIL Group, pioneered the introduction of electric buses in India in 2015. Its products are in line with the Government of India's initiative towards clean transportation solutions. OLECTRA plays a key role in the Indian market.

Photo: https://mma.prnewswire.com/media/1989718/Olectra_Bus.jpg