Olectra Greentech Limited board appoints K V Pradeep as Managing Director

Olectra Greentech Limited board appoints...

The Board of Directors of Olectra Greentech Limited (OGL) at their meeting held here on Thursday, appointed Mr Venkateswara Pradeep Karumuru (Mr K V Pradeep) a Non-Executive Director of the Company as Managing Director of the Company for 3 years w.e.f. 29th July 2021, subject to shareholders’ approval. Mr K V Pradeep is a Civil Engineer with over 22 years of experience in business development, execution of projects and general management of EPC & aviation business.  The Board also approved Standalone and Consolidated Un-audited Financial Results along with the Limited Review Report for the first quarter ended 30th June 2021. Olectra Greentech is part of the part of the Megha Engineering & Infrastructures Limited (MEIL) Group. Commenting on the new appointment, Mr. KV Pradeep said, " I feel proud and happy to lead the fastest growing electric bus company in the country. I will continue the growth trajectory to the new leaps. As more and more countries adopting emission-free transportation means, we take part in introducing the most advanced and eco-friendly electric buses in the country." OGL records 86% Revenue growth  OGL has recorded Revenue from operations of Rs. 41.15 Crores for the quarter ended 30th June 2021 against Rs. 22.15 Crores for the corresponding quarter ended 30th June 2020, resulting in top-line growth of 86%, mainly due to supply of Electric buses (11 buses in Q1 21-22 against NIL buses in Q1 2020-21) & higher operating income recorded in the current quarter from Pune Bus Operations.  The E-Bus division has recorded a top-line of Rs. 23.36 Crores for the quarter ended 30th June 2021 against Rs. 0.25 Crores for the corresponding quarter ended 30th June 2020, resulting in a significant jump in top-line, mainly due to supply of Electric buses (11 buses in Q1 21-22 against NIL buses in Q1 20-21) and also recording operating income in the current quarter from Pune Bus Operations on assured KMs. Overall, the higher Revenue from Operations mainly  E-bus Division, the PAT for the company has shown a significant improvement of Rs. 5.65 Crores from a Loss position of Rs. 3.62 crores in Q1 2020-21 to positive bottom-line of Rs. 2.03 Crores in Q1 2021-22 mainly due to a) Better margins in both Insulator & E-Bus Divisions, and b) Cost savings in terms of employee & finance costs. Healthy order book The company also has a healthy order book for 1325 E-Buses out of which 87 buses are already delivered. For another 300 Electric Buses, the company has been declared as least quoted bidder and expecting the letters of award. Many other tenders for Electric Busses are under evaluation stage, wherein the company and its associate company have participated.  About Olectra Greentech Limited (A Group Company of MEIL) Established in 2000, Olectra Greentech Limited (a public listed company) – part of MEIL Group, pioneer in manufacturing of electric buses in India. It is also the largest manufacturer in India for Silicone Rubber/Composite Insulators for power transmission and distribution networks.


PostedOn: 30 Jul 2021 Total Views: 1673




KCR protests against Modi government ove...

KCR protests against Modi government over paddy pr...

The protest comes in the backdrop of the continuing war of words between the ruling TRS and BJP over paddy procurement in Telangana. Demanding the Union government to make its stand clear on paddy procurement from Telangana, Chief Minister K Chandrasekhar Rao staged a protest in Hyderabad on Thursda...

18 Nov 2021

Karivena feeds the needy for free; anoth...

Karivena feeds the needy for free; another buildin...

One more feather is added to the prestigious Karivena’s crown today with the launching of a Choultry (Satram in Telugu)” for the pilgrims visiting the holy city of Varanasi. The rooms in this facility will have most modern amenities for the devotees. Karivena is a century old religious institution s...

15 Nov 2021

This is what Centre released funds for P...

This is what Centre released funds for Polavaram

The Centre has released Rs 11,182 crore for the Polavaram project since 2014, Minister of State for Planning and Programme Implementation Rao Inderjit Singh said. In a written reply to YSRC Rajya Sabha member V Vijayasai Reddy Thursday, the minister said the Centre had released the funds for irrigat...

23 Jul 2021

ACB conducts surprise raids at MRO offic...

ACB conducts surprise raids at MRO offices in Visa...

Anti-Corruption Bureau (ACB) officials conducted surprise raids at various Mandal Revenue (MRO) offices in several districts of Visakhapatnam district on Tuesday. ACB officials raided six MRO offices in Vizag Rural, Seethammadhara, Pendurthi, Anandapuram, Atchutapuram and Padmanabha Mandalam. ACB An...

21 Jul 2021

Discovery Documentary on Kaleshwaram to ...

Discovery Documentary on Kaleshwaram to be aired o...

Telangana’s prestigious and multi staged Kaleswaram Lift Irrigation Project (KLIP) has got very great applauds from all the sections and regions. This renowned project was documented by popular science & technology channel Discovery Channel by the title “Lifting A River”, will be telecast on 25th of...

22 Jun 2021

Polavaram Megha update: Godavari Water r...

Polavaram Megha update: Godavari Water released ov...

• Water released over the spillway to Delta Region • 6.6 KM Godavari flow diversion, which is a record • Mega project completed in minimum time at maximum level World’s biggest multi-purpose irrigation project Polavaram Project receives its first fruit of success. On Friday, 11 June 2021, process of...

11 Jun 2021

AP receives 3 Cryogenic Oxygen Tankers f...

AP receives 3 Cryogenic Oxygen Tankers for free fr...

• MEIL imported 3 Cryogenic Oxygen Tanks from Singapore • MEIL is delivering the tanks to AP government for free • Tankers reached to Pangarh from Singapore in Indian Airforce Special flight • Each tank capacity 1.40 crore litres of Oxygen • Tanks will serve for immediate and future demand for Medic...

01 Jun 2021