Business News | Olectra's Q1 Revenue Jumps 640 Per Cent to Rs 304.7 Crore
Get latest articles and stories on Business at LatestLY. Electric vehicle manufacturing firm Olectra Greentech Limited (Olectra) on Thursday reported standalone revenue from operations of Rs 304.7 crore for the quarter ended 30th June 2022, as against Rs 41.2 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 640.4 per cent.
Mumbai (Maharashtra) [India], July 28 (ANI): Electric vehicle manufacturing firm Olectra Greentech Limited (Olectra) on Thursday reported standalone revenue from operations of Rs 304.7 crore for the quarter ended 30th June 2022, as against Rs 41.2 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 640.4 per cent.
The company's revenue surged during April-June 2022 period mainly due to the supply of 169 electric buses. In April-June 2021 the company had delivered only 11 buses.
The company's profit after tax grew by 825.2 per cent year-on-year to 18.8 crore as against the corresponding period last year Rs 2.0 crore.
The EBITDA is up by 322.6 per cent to Rs 36.8 crore, as against Rs 8.7 crore recorded in the corresponding period of the last year.
"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," K V Pradeep, Chairman and Managing Director, Olectra Greentech Limited, said in a statement.
"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," Pradeep said.
On a quarter-on-quarter basis, the revenue grew by 13.6 per cent from Rs 268.1 crore in January-March 2022 period to Rs 304.7 crore in April-June 2022 period.
The company has recorded a net profit of Rs 18.8 crore, up by 7.7 per cent. The EBITDA recorded a growth of 18.7 per cent. (ANI)
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