Olectra Q1FY23 net profit jumps ninefold; delivers 169 e-buses in Q1

The stock has more than doubled in the last one year

India's leading electric mobility company, Olectra Greentech Limited, on a standalone basis, has recorded revenue from operations of Rs 304.7 crore for the quarter ended June 30, 2022, as against Rs 41.2 crore for the corresponding quarter ended June 30, 2021.  

The company reported significant revenue growth of 640 per cent, mainly due to the supply of 169 electric buses during the quarter, as against only 11 buses delivered in Q1FY2021. The higher operating income was recorded in the current quarter from Pune bus operations. The profit after tax grew 825.2 per cent on a YoY basis to Rs 18.8 crore as against the corresponding period last year at Rs 2.0 crore. EBITDA jumped 322.6 per cent to Rs 36.8 crore, as against Rs 8.7 crore. The profit before tax (PBT) climbed 799.9 per cent to Rs 24.7 crore.   

On a QoQ basis, its revenue grew 13.6 per cent from Rs 268.1 crore to Rs 304.7 crore. 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.   

The e-bus division has recorded a revenue of Rs 279.4 crore for the quarter ended June 30, 2022, against Rs 23.4 crore for the corresponding quarter ended June 30, 2021, resulting in significant growth of 1,096 per cent mainly due to the supply of electric buses (169 buses in Q1 22-23 against only 11 buses in Q1 2022-23) and higher operating income recorded in the current quarter from Pune bus operations.  

The company’s insulator division has recorded a topline of Rs 25.3 crore for the quarter ended June 30, 2022, against Rs 17.8 crore for the corresponding quarter ended June 30, 2021, resulting in an increase in topline by 42 per cent, mainly due to an increase in high customers clearances.  

Commenting on the results, KV Pradeep, Chairman & 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 state transport undertakings (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 stock has more than doubled in the last one year while it advanced nearly 4 per cent in the last one week.