NEW DELHI: Hyderabad-based manufacturer of electric buses Olectra Greentech Limited (OGL) has reported a profit of Rs 5.65 crore in the April-June quarter of 2021-22 compared to Rs 3.26 crore losses reported in the corresponding period last year. The company had reported a profit of Rs 2.03 crore in the fourth quarter of 2020-21.
The turnaround in the company was on possible on the back of an 86% increase in revenue to Rs 41.15 crore in the April-June quarter against Rs 22.15 crore in the previous quarter last year.
The strong topline growth was due to sale of 11 electric buses in the first quarter of the current financial year against zero sales in the same period last year. The company also reported higher operating income during the first quarter from its Pune Bus Operations.
The company also has a healthy order book for 1,325 e-buses out of which 87 buses are already delivered. For another 300 e-buses, the company has been declared as least quoted bidder and expecting award.
Meanwhile, the Board of Directors in a meeting held on Thursday appointed Venkateswara Pradeep Karumuru, a non-executive director of the company, as Managing Director for three years.