Hyderabad, Nov 9 (FN Representative) Olectra Greentech Limited (Olectra), India’s leading electric mobility company, on Tuesday reported a 38 per cent jump in the Revenue in the second quarter ended September 30, 2021. The total revenue from the operation increased to Rs.69.05 crore as against Rs.50.19 crore in the corresponding period in the previous year, Olectra, a part of MEIL ( Megha Engineering and Infrastructures Limited) Group, said in a statement here. Olectra recorded the growth because of the supply of 18 electric buses in Q2 against the seven buses in Q2 2020. In the current quarter, the Pune bus operations helped to record higher operating revenue. The E-Bus division’s revenue increased to Rs.42.1 crore from Rs.17.8 crore. The insulators division revenue fell by 17 per cent to Rs.27 crore from Rs.32.4 crore, it said.
The company’s Profit After Tax (PAT) increased to Rs 3.71 crore from Rs 2.3 crore in the corresponding period. The company is constructing a State-of-the-art Electric Vehicle (EV) manufacturing unit at Seetharampur industrial park (Shabad Mandal in Rangareddy district), in the outskirts of Hyderabad, where the Telangana State Industrial Infrastructure Corporation Limited (TSIICL) allotted 150 acres. The unit will be a fully automated one and will manufacture 10,000 Electric Buses of various models per year. The plant can also manufacture Trucks, Three-wheelers , LCVs and MCVs. It is one of its kind manufacturing facilities in India and the production will commence in Financial Year 2022-23, the release said. Commenting on the results, Olectra Greentech Limited Chairman and Managing Director K.V. Pradeep said, with the EV revolution, this state-of-the-art plant will be a game changer for Olectra Greentech.
The company is aiming to become a leading Electric Vehicle Manufacturer in India. This supporting land infrastructure will encourage local manufacturing, under the government of India’s Make in India, ‘Aatmanirbhar’ programs. In addition, it will increase employment opportunities and will also benefit the economy of the state, he added. The company bagged an order of 100 Electric luxury buses from the Maharastra State Road Transport Corporation (MSRTC) and these buses will run between Mumbai and Pune. It is the first time in the country that inter-city services will run on a large scale. Olectra and Evey Trans consortium received a Letter of Award (LoA) from MSRTC on Tuesday. The bus order is valued at approximately Rs 250 crore. These buses are to be delive1