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Electric mobility company Olectra Greentech on Thursday posted a multi-fold jump year-on-year in its net profit to Rs 18.8 crore for the June quarter, mainly on the back of higher revenues.

Olectra had reported a net profit of Rs 2 crore in the quarter ended June 30, 2021, the company said in a statement.

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Its total recorded revenue from operations in the quarter rose to Rs 304.7 crore from Rs 41.2 crore a year ago.

According to the company statement, significant revenue growth of 640 per cent was mainly due to the supply of 169 electric buses during the June quarter against only 11 buses delivered in the first quarter of 2021-22.

KV Pradeep, Chairman and Managing Director of the company, said, “As we ramped up the e-bus manufacturing, the deliveries increased to a record level of 169. We have increased the deliveries to various STUs (state transport undertakings), and we will honour the delivery schedules”.

Olectra Greentech is a group company of Megha Engineering & Infrastructures Limited (MEIL).

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Established in 2000, Olectra manufactures electric buses in India. PTI BKS KKS BKS BAL BAL

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