Electric mobility company Olectra Greentech on Wednesday reported a 4 per cent increase in its net profit to Rs 13 crore for the December quarter, mainly on the back of higher revenues.
Olectra had reported a net profit of Rs 12.5 crore in the quarter ended December 31, 2021, the company said in a statement.
Its total recorded revenue from operations in the quarter rose to Rs 248.6 crore from Rs 207.1 crore a year ago.
According to the statement, this significant revenue growth of 20 per cent in the third quarter of FY22-23 is mainly due to the supply of 142 electric buses against 103 buses delivered in the corresponding quarter ended December 2021.
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KV Pradeep, Chairman and Managing Director of the company, said, "Over the last few quarters, despite the supply chain disruptions witnessed across the globe, we have continued to demonstrate strong business performance, which has resulted in sustainable revenue and margin growth".
Olectra Greentech is a group company of Megha Engineering & Infrastructures Limited (MEIL).
Established in 2000, Olectra manufactures electric buses in India.
