Olectra Greentech appoints KV Pradeep as MD

Our Bureau Hyderabad | Updated on July 29, 2021

Nets ₹5 cr in Q1, order book at 1,325 E-buses

The Board of Directors of Olectra Greentech Limited, part of the Megha Engineering & Infrastructures Limited (MEIL) Group, has appointed Venkateswara Pradeep Karumuru as Non-Executive Director and Managing Director for three years with effect from today (July 29, 2021).

Pradeep, a civil engineer comes with over 22 years of experience across diverse sectors, including aviation and infrastructure.

Pradeep said, “As a part of the fastest growing electric bus company in the country, I will continue to achieve current growth trajectory.”

The company posted a profit of ₹5.65 crore for the first quarter ended June 30, 2021, as against ₹3.62 crore. In Q1 the company registered revenue of ₹41.15 crore, up 86 per cent over ₹22.15 crore in Q1 FY20.

The E-Bus division has recorded a top-line of ₹23.36 crore for Q1 as against ₹0.25 crore in Q1 of FY 2020.

The company commands an order book of 1,325 E-Buses. Of this, 87 buses have already been delivered. For another 300 electric buses, the company has been declared as least quoted bidder and is expecting letters of award. Many other tenders for electric buses are at the evaluation stage, wherein the company and its associate company have taken part.

Published on July 29, 2021

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