While the company’s revenue jumped up by 244%, its order book has increased to 1,523 electric buses
Olectra Greentech Limited, India’s leading electric bus manufacturing and mobility company, announced a splendid performance in terms of growth in its top-line and bottom-line. During Q3FY22 ending December 31, 2021, it registered a jump of 244%. It has recorded revenue from operations of Rs 207.1 crore for the quarter ending December 31, 2021 against Rs 60.1 crore for the corresponding quarter that ended December 31, 2020. This growth is mainly due to the supply of electric buses (103 buses in Q3 21-22 against 13 buses in Q3 2020-21) and higher operating income in the current quarter from Pune bus operations.
The e-bus division recorded a top-line of Rs 186 crore for the quarter ending December 31, 2021 against Rs 28.7 crore for the corresponding quarter that ended December 31, 2020, resulting in a significant top-line jump. The top-line growth is because of the supply of the highest number of electric buses (103 buses in Q2 21-22 against 13 buses in Q2 20-21). The insulator division has recorded a top-line of Rs 21.1 crore during the quarter as against Rs 31.4 crore for the corresponding quarter ended December 31, 2020, resulting in a decline in top-line by 32%, mainly due to lower off-take from customers.
The EBITDA is up by 308% to Rs 27 crore from Rs 6.7 crore. The profit before taxes (PBT) is up significantly to Rs 20.1 crore from Rs 5.8 crore in the corresponding period and registered a growth of 251%. The PAT for the company has shown a significant improvement of Rs 7.9 crore, or 173%, from a position of Rs 4.6 crore in the year ago period of Q3 2020-21 to the position of Rs 12.5 crore in Q3 2021-22 mainly due to higher volumes in the e-bus division. Currently, the company has an order book for 1,523 electric buses.
Commenting on this historical performance, Chairman and Managing Director of OGL K V Pradeep, said, “Team Olectra feels proud to achieve this historic performance. We are getting ready to begin the construction of a state-of-the-art EV manufacturing plant in Hyderabad. By seeing the company’s potential, many foreign direct investors (FDIs) are showing interest to invest in the company. We are humbled to announce that the number of shareholders in the company has increased to over 1 lakh during the last quarter. The deliveries are picking up, and we are confident of meeting the demands.”