Olectra Greentech (532439) Q2 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue, EBITDA, and PAT in Q2 FY25, with over 2,200 electric vehicles on the road and a robust order book of 10,503 buses.

• Transitioned to a new state-of-the-art manufacturing facility at Seetharampur, now fully operational and supporting increased capacity up to 5,000 units annually, scalable to 10,000.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY25 on October 22, 2024, with auditors issuing unqualified limited review reports.

• Emphasis on R&D, professional management, and established relationships with state transport undertakings.

• Delivered 315 electric buses in Q2, with total deliveries reaching 2,217 units.

Financial highlights

• Consolidated Q2 FY25 revenue reached ₹52,367.48 lakhs, up 70% year-over-year; standalone revenue at ₹51,407.28 lakhs, up 73%.

• EBITDA grew 90% year-over-year to ₹8,569 lakhs (H1 FY25 consolidated); Q2 FY25 EBITDA at ₹4,506 lakhs.

• PAT increased 136% year-over-year to ₹4,765.29 lakhs (Q2 FY25 consolidated); standalone PAT at ₹4,819.85 lakhs.

• Standalone EPS for Q2 FY25: ₹5.87; consolidated EPS: ₹5.79.

• Gross margin for Q2 FY25 stood at 15.65%, attributed to operational efficiency, localization, and favorable product mix.

Outlook and guidance

• Targeting delivery of 1,500 buses in FY25, with H2 expected to be the strongest half.

• FY26 delivery guidance is 2,500–5,000 buses, aiming to complete the current order book within two years.

• Capacity ramping up to 5,000 buses per year by March 2025, with plans to expand to 10,000 as market demand grows.

• Revenue guidance for FY25 is around ₹250,000 lakhs, with FY26 potentially reaching ₹750,000 lakhs depending on volumes.

• Management continues to monitor the impact of the Code on Social Security, 2020, with assessment pending final rules.