Hyderabad-based electric buses manufacturer Olectra Greentech Limited (OGL) announced on Friday that it had recorded a 52% surge in consolidated net profit for the fourth quarter that ended on March 31, 2023, amounting to Rs 27 crore, as compared to nearly Rs 18 crore in the corresponding quarter of the previous fiscal year. This came on the back of a 39% increase in consolidated revenue for Q4FY23, which stood at Rs 376 crore from Rs 271 crore in Q4FY22.
On a fiscal basis, the company registered an 86% jump in consolidated net profit for the financial year 2022-23 at Rs 66 crore from Rs 35 crore in FY22 on an 84% rise in consolidated revenue at Rs 1091 crore for FY23 from Rs 593 crore in FY22. Additionally, OGL announced that it had witnessed a 117% rise in deliveries of electric buses at 563 in FY23 from 259 in FY22, with an order book of 3394 units. The company also started sales of electric tippers, with 17 units being delivered in Q4FY23.
According to K V Pradeep, the chairman and managing director of OGL, despite supply chain and other macro risks, the company’s focus on increasing manufacturing capacities and enhancing technology capabilities had helped it maintain its leadership position in the electric vehicle (EV) segment.
The company has also been investing in increasing its manufacturing capacities and enhancing its technology capabilities. In 2021, it opened a new manufacturing facility in Telangana with a production capacity of 2,500 electric buses per year. It also partnered with the Indian Institute of Technology, Hyderabad (IIT-H) to set up an EV research and development center to work on developing advanced EV technologies. The company’s focus on expanding its product portfolio, increasing manufacturing capacities, and enhancing technology capabilities has helped it maintain a competitive edge and capitalize on the growing demand for EVs in the country.
OGL is one of the leading manufacturers of electric buses and other EVs in the country. The company has been expanding its presence in the Indian market and has been successful in winning several large contracts to supply electric buses to various state transport corporations.
The company has been focusing on increasing its production capacity to meet the growing demand for electric vehicles in the country. In the past year, OGL has announced plans to set up new manufacturing facilities in different parts of the country. The company has also been investing in research and development to enhance its technology capabilities and stay ahead of the competition.
The Indian EV market has been growing rapidly in recent years, with the government providing several incentives to promote the adoption of electric vehicles. The push towards electric mobility is expected to continue, with the government aiming to have all new vehicles sold in the country to be electric by 2030.
OGL is well-positioned to benefit from this trend, given its strong presence in the electric bus segment. The company has already won several contracts to supply electric buses to state transport corporations, and with the growing demand for electric vehicles, it is likely that the company’s order book will continue to expand in the coming years.
In addition to its focus on the domestic market, OGL has also been exploring opportunities in the international market. The company has been participating in tenders for electric buses in different countries and has won contracts in some markets.
Overall, the strong financial performance of Olectra Greentech Limited is a positive sign for the Indian EV industry, which is still in the early stages of growth. The company’s success in the electric bus segment is a testament to the potential of the Indian market for electric mobility, and it is likely that other companies will follow suit in the coming years.
