Latest Quarter Result Update
About
Olectra Greentech Ltd. is India's leading manufacturer of electric buses and tippers, pioneering eco-friendly transportation solutions. With advanced technology and strategic partnerships, the company is at the forefront of the country's transition to sustainable mobility.
Business
Electric Buses Manufacturing
- Market Leader: Cumulative deliveries of 1,851 electric buses.
- Order Book: Robust order book of 10,818 electric buses.
Electric Tippers and Trucks
- Delivered 51 electric tippers, expanding into heavy commercial vehicles.
Production Capacity Expansion
- Current Capacity: 200 buses per month.
- Expansion Plans: Increase to 5,000 buses per month by end of FY'25.
Strategic Partnerships
- Extended cooperation agreement with BYD Auto Industry Co., Ltd. until 2030.
Why We Like the Company
Market Leadership
- Pioneer in India's electric bus segment with significant market share.
Strong Growth Prospects
- 45% YoY revenue growth in Q1 FY'25.
- Management expects to double deliveries in the next quarter.
Government Support
- Benefits from policies like FAME II, promoting EV adoption.
Technological Edge
- Partnership with BYD brings advanced technology and innovation.
Aggressive Expansion Plans
- Significant capacity expansion to meet growing demand.
Recent Updates
Financial Performance
- Q1 FY'25 Revenue: ₹313.9 crores, up 45% YoY.
- Profit After Tax: ₹24.3 crores, up 34% YoY.
Capacity Expansion
- Secured a ₹500 crores term loan to fund expansion.
Credit Rating Outlook
- ICRA revised outlook from 'Stable' to 'Negative'.
Investor Engagement
- Held conference calls to discuss financial results and strategic initiatives.
Operational Milestones
- Delivered 156 electric buses in Q1 FY'25.
- Transitioning to a new plant aiming for 80-85% capacity utilization in H2 FY'25.
Financial Forecast (₹ crores)
| Metrics |
FY'25 |
FY'26 |
FY'27 |
| Revenue |
3,521.39 |
7,042.50 |
10,564.16 |
| EBITDA |
563.42 |
1,197.22 |
1,901.55 |
| EBITDA Margin (%) |
16% |
17% |
18% |
| Profit After Tax |
313.33 |
701.95 |
1,143.47 |
| EPS (₹) |
95.47 |
213.86 |
348.28 |
| P/E Ratio (x) |
17.8 |
7.95 |
4.88 |
| RoCE (%) |
32.4 |
40.0 |
45.0 |
| ROE (%) |
31.5 |
38.0 |
43.0 |
Assumptions:
- Revenue Growth: Driven by increased deliveries of electric buses.
- EBITDA Margin Improvement: Due to operational efficiencies and economies of scale.
- P/E Ratio: Based on current market price of ₹1,700 per share.
- RoCE and ROE: Estimated based on projected earnings and capital employed.