Company to introduce new product line and penetrate into more segments
Olectra Greentech Limited (Olectra), India’s leading electric mobility company, on standalone basis, has recorded revenue from operations of Rs 304.7 crore for the quarter ended June 30, 2022 as against Rs 41.2 crore for the corresponding quarter ended June 30, 2021, thus resulting in significant revenue growth of 640% mainly due to the supply of 169 electric buses during the quarter as against only 11 buses delivered in Q1FY21. The higher operating income was recorded in the current quarter from Pune bus operations.
The company’s e-bus division has recorded a revenue of Rs 279.4 crore for the quarter ended June 30, 2022 as against Rs 23.4 crore for the corresponding quarter ended June 30, 2021, resulting in significant growth of 1,096 % mainly due to the supply of electric buses (169 buses in Q1FY22-23 against only 11 buses in Q1FY22-23 and higher operating income recorded in the current quarter from Pune bus operations. Its insulator division has recorded a top-line of Rs 25.3 crore for the quarter ended June 30, 2022 as against Rs 17.8 crore for the corresponding quarter ended June 30, 2021, resulting in an increase in top-line by 42 %, mainly due to an increase in high customers’ clearances.
Commenting on the results, Chairman and Managing Director K V Pradeep said, “Our relentless efforts have resulted in favourable output. As we ramped up e-bus manufacturing, the deliveries increased to a record level of 169. We will continue the growth trajectory to reach new heights. We have increased the deliveries to various STUs and we will honour the delivery schedules. The last quarter’s performance has given me the confidence to strengthen further. We will introduce a new product line and penetrate more segments in the coming quarters.”