Olectra Greentech appoints K V Pradeep as new MD
Pradeep previously held the postion of non-executive director of the company and he is a civil engineer with over 22 years of experience in business development and execution of projects.
Hyderabad: Olectra Greentech, which is part of Megha Engineering & Infrastructure Limited Group, announced the appointment of K V Pradeep as the new managing director of the company for three years with effect from July 29 subject to shareholders’ approval.
Pradeep previously held the postion of non-executive director of the company and he is a civil engineer with over 22 years of experience in business development and execution of projects.
Meanwhile, the electric bus manufacturer also announced 86 per cent revenue growth from operations of Rs. 41.15 crore for the quarter ended June 30 against Rs 22.15 crore for the corresponding quarter last year. This growth was mainly due to supply of electric buses (11 buses in Q1 21-22 against NIL buses in Q1 2020-21) and higher operating income recorded in the current quarter from Pune bus operations.
The profit after tax for the company showed a significant improvement of Rs 5.65 crore from a loss position of Rs 3.62 crore in Q1 2020-21.
The company also has a healthy order book for 1,325 electric 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.
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