Olectra Greentech Ltd, an arm of the MEIL group, posted net profit of ₹17.46 crore for the fourth quarter ended March 31, against ₹9 crore in the same quarter last year, a growth of 94 per cent.
The firm registered revenue of ₹268 crore in the quarter against ₹145 crore in the same quarter last year, an increase of 85 per cent.
The growth in revenue was attributed to a sharp increase in sales of electric buses. It sold 127 buses in the quarter as against 68 in the comparable quarter last year.
For the financial year 2021-22, the company registered a net profit of ₹35.69 crore (₹12.20 crore) on a revenue of ₹585.4 crore (₹277.2 crore).
“We sold 259 buses in the year as against 88 buses that we sold last year,” a company statement said on Monday.
The board has recommended a final dividend of 10 per cent(₹0.40) on a share of ₹4.00 each.
New products
“We have completed the new product design and trials of the heavy-duty tipper. It will be launched in the market. Once the new, fully automatic, robotic manufacturing plant is ready, we will be able to launch new products into the market,” K V Pradeep, Chairman and Managing Director, said.
The 22-year-old company introduced electric buses in 2015. It also manufactures silicone rubber/composite insulators for power transmission and distribution networks.