Olectra Greentech appoints KV Pradeep as MD

The growth in the bottom-line is mainly due to better margins in both Insulator and e-Bus divisions

Hyderabad: OLECTRA Greentech Limited (OGL), a part of Megha Engineering and Infrastructures Ltd (MEIL), has appointed non-executive director Venkateswara Pradeep Karumuru as new Managing Director of the company for three years from Thursday. He is a civil engineer with over 22 years of experience in business development, execution of projects and general management of EPC and aviation business.

He said, "I will continue the growth trajectory to the new leaps. As more and more countries are adopting emission-free transportation means, we take part in introducing the most advanced and eco-friendly electric buses."

The company also reported significant improvement of Rs 5.65 crore from a loss position of Rs 3.62 crore in first quarter (Q1) of previous financial year to positive bottom-line of Rs 2.03 crore in the same quarter this fiscal. It has recorded an exceptional growth of 86 per cent at Rs 41.15 crore in Q1 FY22 when compared to Rs 22.15 crore in corresponding quarter in FY21.

The growth in the bottom-line is mainly due to better margins in both Insulator and e-Bus divisions, along with savings in terms of finance costs. The e-Bus division has recorded a top-line of Rs 23.36 crore during the quarter, owing to higher operating income from Pune Bus Operations and supply of 11 electric buses during the reviewed quarter against no sales in the same quarter last fiscal.

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, it has been declared as least quoted bidder and expecting the letters of award. Many other tenders for e-buses are under evaluation stage, and its associate companies have participated.