Olectra Greentech contributes to a net profit of Rs 65 crore in FY2023.

The company's focus remains on increasing manufacturing capacity and enhancing technology capabilities. As a result, it will maintain market leadership in the electric bus segment.

Olectra Greentech, a prominent electric bus manufacturer, has released its financial results for FY2023. The Hyderabad-based company boosted its consolidated net profit to Rs 66 crore in FY23 from Rs 35 crore in FY22, thanks to an 84% increase in consolidated sales to Rs 1091 crore in FY23 from Rs 593 crore in FY22.

Following a 39% increase in consolidated revenue to Rs 376 crore in Q4FY23 from Rs 271 crore in Q4FY22, this was the third consecutive quarter of growth.

With an order book of 3394 units, the company recorded a 117% rise in e-bus deliveries to 563 in FY23 from 259 in FY22. OGL also began selling electric tippers in Q4FY23, with 17 units delivered.

Olectra claimed record deliveries of 563 e-buses throughout the year, compared to 259 e-buses in FY2022. In addition, it has a large order book of 3,394 units.

In terms of Q4 FY2023 performance, the company recorded consolidated sales of Rs 375 crore, up 39 per cent from the previous year, and consolidated revenue of Rs 27 crore, up from Rs 17.77 crore.

" Despite the fact that there are still supply chains and other macro issues. We remain committed to contributing to the country's clean mobility strategy and anticipate a solid development trajectory in the future years," stated K V Pradeep, CMD of Olectra Greentech.

The company's focus remains on increasing manufacturing capacity and enhancing technology capabilities. As a result, it will maintain market leadership in the electric bus segment.