Olectra Greentech
Olectra Greentech standalone net profit up 136 pc to Rs 42.9 cr
Hyderabad: Olectra Greentech Limited, an arm of the MEIL group, on Wednesday reported a 136 per cent increase in standalone net profit to Rs 42.9 crore for the nine months period ending December 2022 as against Rs 18.2 crore in the corresponding period in December 2021.
On a standalone basis, the firm has recorded unaudited revenue of Rs 248.6 crore for the quarter ended December 2022, as against Rs 207.1 crore for the corresponding quarter ended December 2021, an increase of 20 percent.
However, for the current nine months period ended in December 2022, the Revenue stood at Rs 766.0 crore as against Rs 317.3 crore in the corresponding period in December 2021, an increase of 141 percent, Hyderabad-based OLECTRA, India’s leading electric mobility company said in a release here.
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.
The company reported Earnings 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 in 2022, we delivered 142 electric buses against 103 electric buses in the corresponding quarter in December 2021. This jump was driven by the need to meet the climate goals and to replace the ageing fleets in the government public transport systems,” Pradeep said.
(With UNI inputs)
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