Olectra Greentech: Chairman KV Pradeep Resigns Amid Order Challenges
K.V. Pradeep has resigned as Chairman and Managing Director of Olectra Greentech, citing personal reasons. This comes as the company faces order book challenges, including a reinstated Rs 9,000 crore contract with Maharashtra for 5,150 e-buses and a reduced order from Telangana for intercity buses.
02Jun 25
Olectra Greentech Secures Reinstated Order for 5,150 Electric Buses from Maharashtra Government
Olectra Greentech's order for 5,150 electric buses from the Maharashtra government has been reinstated after initial plans for termination due to delivery delays. The new delivery schedule spans three years: 620 buses in 2025, 2,100 in 2026, and 2,210 in 2027. This reinstatement secures a significant revenue stream for Olectra Greentech, potentially strengthening its market position in the electric bus sector. The company now faces the challenge of meeting the new delivery deadlines and may need to scale up production capacity.
31May 25
Olectra Greentech Faces Partial Order Cancellation from Telangana RTC
Telangana State Road Transport Corporation (TSRTC) has cancelled 40 out of 50 intercity electric buses originally ordered from Olectra Greentech. Only 10 buses were delivered by May 2023, completing the revised order. Despite this setback, Olectra Greentech states that the order reduction will not significantly impact their business operations, citing a robust existing order book.
27May 25
Olectra Green Refutes Contract Cancellation Reports, Confirms Maharashtra Project Ongoing
Olectra Green, a major electric vehicle company, has issued a clarification refuting media reports about its contract in Maharashtra being cancelled. The company stated that it has not received any cancellation order and the execution of the Maharashtra contract is ongoing. This announcement aims to dispel concerns and maintain stakeholder confidence.
27May 25
Olectra Greentech Reports Robust Q4 Performance with 53% Surge in Net Profit
Olectra Greentech announced strong Q4 FY2024 results with net profit rising 53.2% to ₹210.00 crore and revenue increasing 55.7% to ₹450.00 crore year-over-year. The company's Operating Profit Margin improved to 17.53%. For FY2024, annual revenue grew 5.9% to ₹1,165.70 crore, while net profit increased 17.6% to ₹78.70 crore. EBITDA for the year rose 17.3% to ₹177.50 crore.
27May 25
Olectra Greentech Faces Setback as Maharashtra Cancels ₹10,000 Crore E-Bus Order
Maharashtra's Transport Minister has instructed officials to cancel a ₹10,000 crore tender for 5,150 electric buses awarded to Olectra Greentech due to missed delivery deadlines. The company failed to supply 1,000 buses by May 22 as per the revised schedule. The 12-year contract cancellation may impact Olectra's finances, reputation, and market position in the competitive e-bus sector. The company has not yet made an official announcement regarding the cancellation.
26May 25
Olectra Greentech Reports Strong Q4 Performance with 55% Revenue Growth
Olectra Greentech announced Q4 results showing significant growth. Revenue increased by 55.71% year-over-year to ₹4,500.00 million. EBITDA rose 64.00% to ₹565.00 million, with EBITDA margin improving to 12.56%. Consolidated net profit grew 53.17% to ₹210.00 million compared to the same period last year. However, net profit decreased quarter-on-quarter from ₹463.00 million in the previous quarter.
22May 25
Olectra Greentech Set to Benefit from PM's E-Drive Scheme for Electric Buses
The Indian government has announced plans to supply electric buses to major cities under the Prime Minister's E-Drive scheme. Bengaluru is set to receive 4,500 e-buses, while Hyderabad and Delhi will each get over 2,000. As a leading manufacturer of electric buses in India, Olectra Greentech Limited is well-positioned to potentially benefit from this initiative. The scheme, which involves over 8,500 buses for just three cities, presents a significant market opportunity for established e-bus manufacturers like Olectra Greentech.
16Apr 25
Olectra Greentech Poised to Benefit from PM E-Drive Scheme for Electric Buses
The Indian government has launched the PM E-Drive Scheme with a Rs 10,900 crore outlay until March 2026, aiming to support 14,028 e-buses nationwide. Additionally, a tender for 10,000 electric buses for major cities has been announced. This initiative is expected to benefit companies like Olectra Greentech Limited, a key player in electric vehicle manufacturing.
Olectra Greentech Secures ₹424 Crore Contract for 297 Electric Buses from HRTC
Olectra Greentech has won a ₹424.01 crore contract from Himachal Road Transport Corporation (HRTC) for 297 electric buses. The deal includes supply and maintenance, with delivery expected within 11 months. This order bolsters India's push for sustainable public transport and enhances Olectra's position in the electric bus market.