Olectra Greentech (532439) Q1 24/25 earnings summary

Executive summary

• Achieved strong growth in consolidated revenue and profitability for Q1 FY25, with 156 electric buses delivered and cumulative deliveries exceeding 1,900 EVs as of June 30, 2024.

• Completed major e-bus orders, including the world's largest (5,150 units) and a 3,000-bus order from BEST, Mumbai.

• Ongoing transition to a new state-of-the-art plant in Hyderabad/Seetharampur, partially operational and scalable to 10,000 units/year.

• Board approved unaudited Q1 FY25 results, re-appointed Managing Director, and appointed two new Independent Directors, subject to shareholder approval.

Financial highlights

• Q1 FY25 consolidated revenue from operations was ₹31,393.67 lakhs (INR 313.9 crore), up 45% year-over-year.

• Consolidated EBITDA for Q1 FY25 reached ₹5,051 lakhs (INR 50.5 crore), up 22% YoY.

• Q1 FY25 consolidated PAT was ₹2,425.32 lakhs (INR 24.3 crore), up 34% YoY.

• Standalone Q1 FY25 revenue was ₹30,418.22 lakhs (INR 304.2 crore), up 48% YoY; standalone PAT at ₹2,074.21 lakhs (INR 20.7 crore), up 11%.

• FY24 revenue from operations was ₹115,414 lakhs, with PAT at ₹7,865 lakhs and EBITDA margin of 16.1%.

Outlook and guidance

• Confident in meeting FY25 delivery target of 1,500–2,000 buses, with Q2 expected to more than double Q1 deliveries and H2 targeting 1,000+ units.

• New Hyderabad plant has initial capacity of 5,000 vehicles/year, scalable to 10,000 by FY26.

• Focus on expanding into staff transport, airport tarmac buses, and intercity/interstate private transport.

• Long-term EBITDA margin guidance is 10–12%, with some quarterly variation due to product mix.