Olectra Greentech (532439) Q3 24/25 earnings summary

Executive summary

• Q3 and nine-month results showed strong growth in consolidated revenue and profitability, with cumulative delivery of 2,448 electric buses and 51 electric vehicles as of December 31, 2024.

• Achieved strong growth in electric vehicle (EV) and insulator divisions, with significant increases in revenue and profitability year-over-year and sequentially.

• Expanded product portfolio and manufacturing capacity, with a new greenfield plant partially operational and scalable to 10,000 units per year.

• Net order book stands at 10,224 electric buses after delivering 282 buses in Q3 FY25.

• Blade Battery technology was unveiled, promising longer range and faster charging, enhancing performance and safety.

Financial highlights

• Q3 consolidated revenue reached ₹51,537 lakhs, up 51% year-over-year; EBITDA was ₹8,177 lakhs, up 46%.

• Q3 consolidated PBT was ₹6,195 lakhs (up 83%), and PAT was ₹4,661.71 lakhs (up 72%).

• Nine-month consolidated revenue was ₹1,35,298 lakhs, up 56%; EBITDA was ₹21,797 lakhs, up 53%; PBT was ₹15,863 lakhs, up 85%; PAT was ₹11,852 lakhs, up 86%.

• Standalone Q3 revenue was ₹50,683.45 lakhs, up 53%; EBITDA was ₹7,873 lakhs, up 58%; PBT was ₹6,087.26 lakhs, up 103%; PAT was ₹4,630.57 lakhs, up 108%.

• Standalone nine-month revenue was ₹1,32,509 lakhs, up 59%; EBITDA was ₹20,562 lakhs, up 55%; PBT was ₹15,393 lakhs, up 86%; PAT was ₹11,525 lakhs, up 86%.

Outlook and guidance

• FY25 delivery target revised to 1,200 buses; FY26 target set at 2,500 buses, with further clarity expected in Q4.

• Production capacity to ramp up from 200 to 400 buses per month, aiming for 5,000 annually in 4–6 months and 10,000 annually over one year.

• Focus on expanding into adjacent markets and new geographies within the electric vehicle ecosystem.

• Margins expected to remain at 15–15.5% in the near term, stabilizing around 12% as volumes increase.

• Management continues to monitor regulatory changes, including the pending implementation of the Code on Social Security, 2020.