The company’s revenue jumped 85% quarter-on-quarter and 111% year-on-year on account of higher delivery of electric buses
K V Pradeep, Chairman and Managing Director, Olectra Greentech
Olectra Greentech Limited, India’s leading electric bus manufacturing and e-mobility company, has announced a historical performance in terms of top-line and bottom-line. The company has recorded revenue from operations of Rs 268 crore for the quarter ended March 31, 2022 against Rs 144.7 crore for the corresponding quarter ended March 31, 2021, resulting in top-line growth of 85%, mainly due to the supply of electric buses and higher operating income recorded in the current quarter from Pune bus operations. It supplied 127 buses in Q4 FY 2021-22 against 68 buses in Q4 FY 2020-2.
The company’s insulator division has recorded top-line of Rs 42.1 crore for the quarter ended March 31, 2022 against Rs 35.4 crore for the corresponding quarter ended March 31, 2021, resulting in top-line growth of 19%. The e-bus division has recorded top-line of Rs 226 crore for the quarter ended March 31, 2022 against Rs 109 crore for the corresponding quarter ended March 31, 2021, resulting in top-line growth of 107%, mainly due to the supply of electric buses. Overall, due to the higher revenue from operations, mainly in its e-bus division, profit after tax (PAT) for the company has shown a significant improvement of Rs 8.4 crore from a position of Rs 9 crore in Q4 FY 2020-21 to a position of Rs 17.4 crore in Q4 FY 2021-22 mainly due to higher volumes in the e-bus division.
For the financial year ending March 31, 2022, Olectra Greentech has recorded revenue from operations of Rs 585.4 crores for the year ended March 31, 2022 against Rs 277.2 crore for the corresponding year ended March 31, 2021, resulting in top-line growth of 111%, mainly due to the supply of electric buses and higher operating income recorded in the year from Pune bus operations. The company supplied 259 buses in the year ended 2021-22 against 88 buses in the year ended 2020-21. The insulator division has recorded a top-line of Rs 108.1 crore for the year ended March 31, 2022.
This is against Rs 121.1 crore for the corresponding year ended March 31, 2021, resulting in a decline in top-line by 11%, mainly due to lower off-take from customers. The e-bus division has recorded top-line of Rs 477.3 crore for the year ended March 31, 2022 against Rs 156 crore for the corresponding year ended March 31, 2021, resulting in top-line growth of 206%, mainly due to supply of electric buses and higher operating income recorded in the year from Pune bus operations. The company’s Board of Directors has recommended a final dividend of 10% i.e. Rs 0.40 per equity share of Rs 4.
Commenting on this grand performance, K V Pradeep, Chairman and Managing Director, Olectra Greentech, said, “We have delivered a robust financial performance and announced the dividend as promised in our AGM. The robust performance will continue and will meet the expectations. The team of Olectra Greentech feels proud of completing the new product design and trials of the heavy-duty tipper, which will soon be launched in the market. Once the new state-of-the-art, fully automatic, robotic manufacturing plant is ready, we will be able to launch new products in the market. The deliveries will further improve as the production and the logistics are streamlined. As an e-mobility market leader, we will be exploring new products and areas.” Established in 2000, Olectra Greentech, part of MEIL Group, pioneered the introduction of electric buses in India in 2015.
