Olectra Q2 Revenue jumps 38%

  • To BuildState-of-the-art Exclusive EV plant
  • 100 Luxury inter-city bus order from MSRTC

HYDERABAD, India, Nov. 9, 2021 /PRNewswire/ — Olectra Greentech Limited (Olectra), India’s leading electric mobility company, announced a 38 percent jump in the quarter ended 30th September 2021. Total revenue from the operation increased to Rs.69.05 crore against Rs.50.19 crore in the corresponding period of the last year. Olectra recorded the growth because of the supply of 18 electric buses in Q2 against the seven buses in Q2 2020. In the current quarter, the Pune bus operations helped record higher operating revenue. The E-Bus division’s revenue increased to Rs.42.1 crore from Rs.17.8 crore. The insulators division revenue declined by 17 per cent to Rs.27 crore from Rs.32.4 crore. The Profit Before Taxes(PBT) is up significantly to Rs.5.7 crore from Rs.3.4 crore in the corresponding period. The Profit After Tax (PAT) has increased to Rs.3.71 crore from Rs.2.3 crores.

Olectra Electric Bus

The State-of-the-art EV plant

Olectra is building a State-of-the-art Electric Vehicle (EV) manufacturing unit in the suburbs of Hyderabad. The Telangana State Industrial Infrastructure Corporation Limited (TSIICL) allotted 150 acres to Olectra Greentech. The 150-acre land is located in the Seetharampur industrial park, Shabad Mandal, Ranga Reddy district. The plant will be a fully automated one and will manufacture 10,000 Electric Buses of various models per year. The plant can also manufacture Trucks, Three-wheelers, LCVs and MCVs. It is one of its kind manufacturing facility in India. Production will commence in FY 2022-23.

Mr K.V. Pradeep, Chairman and Managing Director, Olectra Greentech Limited, said, “With the EV revolution, this state-of-the-art plant will be a game changer for Olectra Greentech. The company is aiming to become a leading Electric Vehicle manufacture in India. This supporting land infrastructure will encourage local manufacturing, under the government of India’s Make in India, ‘Aatmanirbhar’ programs. In addition, it will increase employment opportunities and will also benefit the economy of the state.” 

Bagged 100 luxury inter-city bus order from MSRTC

The company bagged an order of 100 Electric luxury buses from the Maharastra State Road Transport Corporation (MSRTC). These buses will run between Mumbai and Pune. It is the first time in the country that inter-city services will run on a large scale. Olectra and Evey Trans consortium received a Letter of Award (LoA) from MSRTC on Tuesday. The bus order is valued at approximately Rs. 250 crore. These buses are to be delivered in the coming 10 months. With this new order, the total order book of Olectra is around 1550 Electric buses.

About Olectra Greentech Limited (A Group Company of MEIL)

Established in 2000, Olectra Greentech Limited (a public listed company) – part of MEIL Group, pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India for Silicone Rubber/Composite Insulators for power transmission and distribution networks.

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Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.

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