Olectra Greentech Ltd (OGL), a leading manufacturer of electric buses, has said that its e-bus order book continues to swell and it will seek to deliver the orders with the addition of the new capacity through the upcoming new greenfield factory at Seetharampur in Telangana.
It will speed up the construction activity to get the new e-bus factory commissioned in Q4 of this fiscal in order to meet the delivery schedule.
The company’s management told during the Q4FY24 earnings call that its total net e-bus order stood at 8,209 units as of September 30, 2023. This is after delivering 214 e-buses during the first half of this fiscal.
Brokerage firm Geojit Financial Services pegs the company’s current order higher than what the company indicated.
“OGL currently holds 9,000 electric bus orders with the same to be delivered in the next 12-24 months. The company is diligently working towards its new Greenfield EV manufacturing facility, which is expected to be operational by Q4, with an annual capacity outlay of 5,000 vehicles, which can be ramped up to 10,000 vehicles per year, said a report of Geojit.
The company’s large e-bus orders from various STUs in the past couple of years include 550 units from Telangana State Road Transport Corporation, 2,100 units from Brihanmumbai Electric Supply and Transport Undertaking (BEST) and 5,150 units from Maharashtra State Corporation (this is the largest single order in the e-bus industry).
The company hopes to secure more e-bus orders as it has participated in the bidding in a few more tenders. It is also eyeing the Prime Minister’s e-Bus Sewa Programme’s tender for 10,000 buses, which is likely to open by next month.
“We have delivered over 1,400-plus electric buses and 35 electric tippers till September 30 2023. We lost almost four months of production and sales due to the battery norms. We are striving hard to make up the shortfall of Q1 in H2, said Sharat Chandra, Chief Financial Officer of OGL.
While the company aims to deliver about 1,000 e-buses this year, it is targetting delivery of about 2,500 units in the next fiscal as the new production plant is expected to be fully operational by the next financial year. FY26 will see a bigger ramp-up than FY25.