Olectra Greentech Limited (OGL), a subsidiary of Megha Engineering and Infrastructures Limited (MEIL), has reached a significant milestone in its journey towards revolutionizing public transport with electric vehicles. The company announced impressive financial results for the second quarter of the current fiscal year, showcasing a robust 156% increase in profit, reflecting its commitment to sustainability and innovation in the transportation sector.
Record Financial Performance
In its consolidated financial results for the quarter ending September 30, Olectra reported a total revenue of ₹523.67 crores, marking a remarkable 70% increase from the previous year. This surge in revenue can be attributed to higher deliveries of electric vehicles, with Olectra delivering 315 new electric buses during the quarter—up from 154 vehicles last year, representing a staggering 105% increase.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw significant growth, reaching ₹85.69 crores—an impressive 90% increase compared to the same period last year. Furthermore, Olectra’s profit before tax climbed to ₹64.83 crores, a substantial 144% rise from ₹26.57 crores in the previous year. Profit after tax soared to ₹47.65 crores, up from ₹18.58 crores, reflecting an extraordinary growth rate of 156%.
Half-Year Highlights
For the first half of the financial year, Olectra reported a total income of ₹837.61 crores, signifying a 60% increase. The half-year EBITDA stood at ₹136.20 crores, marking a 57% increase year-on-year. Profit before tax for this period reached ₹96.68 crores, an 87% increase from ₹51.83 crores in the previous year, while profit after tax jumped by 96% to ₹71.91 crores, compared to ₹36.65 crores last year.
KV Pradeep, Chairman and Managing Director of Olectra, expressed his satisfaction with the company’s growth trajectory. He emphasized the commitment to enhancing production capabilities and technical expertise. Pradeep also highlighted the strength of Olectra’s order book across the country, which has remained stable despite fluctuations in the global electric vehicle (EV) market.
Innovations in Electric Transportation
Olectra is not just resting on its financial laurels; the company has also ventured into developing hydrogen-powered buses in collaboration with Reliance. The newly developed hydrogen buses can cover a distance of 400 kilometers on a single fill, with refueling taking just 15 minutes. Each 12-meter-long bus can accommodate between 32 to 49 passengers and is equipped with four hydrogen cylinders, showcasing Olectra’s dedication to advancing eco-friendly transportation solutions.
Looking Ahead
As Olectra continues to solidify its leadership in the electric vehicle market, the company remains confident in its ability to sustain growth in revenue and margins. With a focus on innovative solutions and expanding its product offerings, Olectra Greentech Limited is poised to play a pivotal role in shaping the future of sustainable public transportation in India.
Leave a comment