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Olectra reports net profit of Rs 304.7 crore for Q1 FY23

The OEM says it recorded higher operating income in the current quarter from its Pune bus operations. The Profit after Tax (PAT) grew by 825.2 per cent Y-o-Y basis to Rs 18.8 crore as against the corresponding period last year of Rs 2 crore. 

Olectra reports net profit of Rs 304.7 crore for Q1 FY23

Olectra Greentech, an electric mobility company, on a standalone basis, has recorded revenue from operations of Rs 304.7 crore for Q1 FY2023, as against Rs 41.2 crores for the corresponding quarter last year. The revenue grew by 640 per cent, albeit a low-year ago base. The company had an order to supply 169 electric buses during the quarter, as against only 11 buses delivered in Q1 FY2022. 

The OEM says it recorded higher operating income in the current quarter from its Pune bus operations. The Profit after Tax (PAT) grew by 825.2 per cent Y-o-Y basis to Rs 18.8 crore as against the corresponding period last year of Rs 2 crore. 

Also read: https://www.financialexpress.com/express-mobility/vehicles/buses/olectra-bags-rs-500-crore-order-to-supply-300-e-buses-to-tsrtc/2602935/

The EBITDA is up by 322.6 per cent to Rs.36.8 crores, as against Rs 8.7 crore.  

On a Q-o-Q basis, the revenue grew by 13.6 per cent from Rs 268.1 crore to Rs 304.7 crore.

Olectra Greentech’s e-bus division recorded a revenue of Rs 279.4 crore for the first quarter of FY2023 against Rs 23.4 crore for the corresponding quarter ended June 30, 2021.

K V Pradeep, Chairman and MD, Olectra Greentech said, “We have increased the deliveries to various STUs, and we will honour the delivery schedules. We will introduce the new product line and penetrate more segments in the coming quarters.”

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