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Olectra Greentech gearing up to supply more electric buses

January 25, 2023 10:23 pm | Updated January 26, 2023 10:46 am IST - HYDERABAD

Electric mobility company Olectra Greentech is gearing up to supply more electric buses to state transport corporations across the country.

During the quarter ended December 2022, the Hyderabad-based firm delivered 142 electric buses as against the 103 it had delivered in the corresponding quarter of previous financial year. “This jump was driven by the need to meet the climate goals and to replace the ageing fleets in the government public transport systems,” CMD K.V. Pradeep said in a release on the financial performance in the third quarter.

The company said it delivered 422 e-buses during the first nine months of current fiscal. At the beginning of the year, it completed deliveries to customers in Nagpur, Silvassa, Surat and Dehradun.

The net order, for the electric buses, at the end of December stood at 3,220 vehicles. “As the company races towards completing its deliveries to various state transport corporations, it will be hectic in the coming three months,” Mr. Pradeep said.

The company, which is a part of the MEIL Group, has reported a consolidated net profit of ₹15.30 crore for the December quarter as against ₹12.64 crore in the year earlier period. The increase came on rise in total income to ₹257.55 crore (₹209.79 crore).

Mr. Pradeep said notwithstanding the supply chain disruptions witnessed across the globe, the company over the last few quarters had continued to demonstrate strong business performance resulting in sustainable revenue and margin growth. “We are optimistic about continuing with the same trend in the coming quarters and focus on fulfilling the remaining orders,” he said.

On a standalone basis, Olectra Greentech posted revenue of ₹248.6 crore (₹207.1 crore) and net profit of ₹12.97 crore (₹12.49 crore) for the quarter.

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