Olectra Greentech net profit jumps multifold to Rs 29.9 crore in H1FY23

Hyderabad, Oct 29 : Olectra Greentech Limited (Olectra), India’s leading electric mobility company, reported a 421.1 per cent increase in the net profit to Rs 29.9 crore for the half-yearly ended on September 30, 2022 as against Rs 5.7 crores in the corresponding period in the previous year. The Revenue from operations for the half year was Rs 517.4 crore, up by 369.4 per cent as against Rs 110.2 crore in the same period of the previous year, Hyderabad-based Olectra, a part of the Megha Engineering and Infrastructures Limited (MEIL) Group , said in a statement here on Friday evening. This significant revenue growth was mainly due to the supply of 280 Electric buses during the half year, as against only 29 buses delivered in H1 FY22 and the higher operating income recorded in the current half year from the Pune Bus operations. Mr K.V. Pradeep, Chairman and Managing Director of the company, said, “With a solid growth across all markets and a significant rise in our operating margin, we are happy to report a good half of FY 22-23.” Established in 2000, Olectra , a pioneer in manufacturing electric business in India , is also the largest manufacturer in India for silicone Rubber/Composite Insulators for power transmission and distribution networks (Agencies)