Olectra announced the Q1 results of this fiscal; Delivered 169 electric buses in the first quarter.
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Olectra announced the Q1 results of this fiscal; Delivered 169 electric buses in the first quarter.

Olectra Greentech's Q1 results shows a revenue of ₹279.4 crores from its electric bus division.

Electric Bus manufacturer Olectra Greentech Limited announced its Q1 results. In Q1, Olectra reported total revenue of ₹304.66 crores from its operations. The revenue grew up by 640% YoY. In the first quarter of last FY, the revenue was ₹41 crores.

The company generated a revenue of ₹279.4 crores from its electric bus division and ₹25 crores from its insulator division. Olectra delivered 169 electric buses in the first three months of this fiscal year.

Olectra’s profit after tax in Q1 grew up to ₹18.8 crores from ₹2 crores in the corresponding period of the last year.

Olectra is hoping to continue its growth trajectory. Recently it bagged an order of 300 electric buses worth ₹500 crores from Telangana State Road Transport Corporation (TSRTC).

Commenting on the results, Mr. K.V.Pradeep, Chairman and Managing Director, said, Our relentless efforts have resulted in favourable output. As we ramped up the e-bus manufacturing, the deliveries increased to a record level of 169. We will continue the growth trajectory to the new leaps. We have increased the deliveries to various STUs, and we will honour the delivery schedules. The last quarter’s performance has given me the confidence to strengthen further. We will introduce the new product line and penetrate more segments in the coming quarters.”

The company is operating electric buses with various State Transport Undertakings (STU), such as Pune (PMPML), Mumbai (BEST), Gandhi Nagar (GSRTC), Goa, Deharadun, Surat, Ahmedabad, Silvasa, Nagpur, etc.

Olectra has partnered with BYD for EV technology. Currently, the company manufactures 7m, 9m, and 12m AC electric buses. Its flagship bus K9 offers up to 300km range and has a top speed of 70 km/h. It has a seating capacity of 39 people. It also supports fast charging.

Also Read: 532 charging stations installed under phase 1 and 2 of FAME India scheme.

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