Olectra Greentech Ltd (NSE: OLECTRA) Q3 2025 Earnings Call dated Jan. 31, 2025
Corporate Participants:
B. Sharat Chandra — Chief Financial Officer
P. Hanuman Prasad — Company Secretary & compliance officer
Unidentified Speaker
Analysts:
Amar Kant Gaur — Analyst
Banshi Mundra — Analyst
Gaurang — Analyst
Deepak Poddar — Analyst
Prafull Rai — Analyst
Sameer Deshpande — Analyst
Bala Murali Krishna — Analyst
Ravindra — Analyst
Nitin Gandhi — Analyst
Sudhakar Rao — Analyst
Saji John — Analyst
Varun Gupta — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Electra Greentech Q3 FY ’25 Earnings Conference Call hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone form. Please note that this conference is being recorded.
I now hand the conference over to Mr Amar from Axis Capital. Thank you, and over to you, sir.
Amar Kant Gaur — Analyst
Thank you, Youssef. Good evening, everyone. On behalf of Axis Capital, I welcome you to the Q3 FY ’25 post-results conference call of Greentech Limited. From the management team, we have with us today Mr. B. Sharat Chandra, CFO; Mr P. Arman Prasad, Company Secretary and Compliance Officer, along with teammates from Finance and Strategy.
I will now hand over the call to Mr. B. Sharat Chandra for his opening remarks, post which we can have the Q&A.
B. Sharat Chandra — Chief Financial Officer
Over to you, Mr. Sharat Chandra Thank you, Mr Amar. A warm welcome to all of you who have joined us today for the Electra earnings call for the quarter three ’24-’25. We are taking as read the presentation which is put on our website along with Safe-Harbor statement thereon. We are pleased to state that the overall results for the quarter three and nine months remain strong with growth in our consolidated revenue and profitability. We have — till 31st December cumulatively delivered about 2,448 electric buses and 51 electric peoples.
I would like to present the key highlights of your company at a glance. Buses have successfully covered more than 30 crore kilometers across the length and width of the country. Strong demand continues with the company’s net order book of electric buses stands at 10,224 numbers after delivering 282 buses in Q3 FY ’25. Notably, we unveiled our latest technology advancement, the Blade battery technology at the Bharat Mobility Global Export 2025. With its cutting-edge design and exceptional energy density, the blade battery promises not only longer ranges, but also the faster charging time, ultimately enhancing the performance, safety and reliability. Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities and we are constantly exploring new ways to improve, innovate and push the boundaries of what is possible in the electric mobility industry, setting new benchmarks for the future.
Now I will begin with providing you the key highlights for Q3 consolidated financials. On a consolidated basis, the revenue for Q3 was at INR515.37 crores, up by 51%. The company’s EBITDA for Q3 reached an impressive INR81.77 crores, marking a substantial growth of 46% compared to the corresponding quarter of previous year. The PBT serves to INR61.95 crores, a remarkable 83% increase from the previous fiscal of 33.84% — INR884 crores. The PAT stands at INR46.62 crores, up by 72% compared to the previous fiscal INR27.11 crores.
The performance highlights for nine months. The top-line was INR1,352.98 crores, up by 56%. The company’s EBITDA in nine months reached an impressive INR217.97 crores, marking a substantial 53% increase compared to the previous year. The PBT surged to INR158.63 crores, a remarkable 85% increase from the previous fiscal INR85.67 crores. The PAT stands at INR118.52 crores, up by 86% compared to the previous fiscal INR63.76 crores. On a standalone basis, the revenue for Q3 was at INR506.83 crores, up by 53%. The company’s EBITDA for Q3 stood at INR78.73 crores, a significant increase of 58% compared to corresponding quarter of previous year of INR49.84 crores. PBT for the Q3 on a standalone basis surged to INR60.87 crores, a remarkable increase of 103% versus the previous year’s quarter three of INR29.92 crores. The PAT stood at INR46.31 crores, up by a significant jump of 108% compared to the previous fiscal of INR22.28 crores.
And the performance of highlights on a standalone basis for nine months, the top-line for nine months was INR1,325.09 crore, up by 59%. The company’s EBITDA reached an impressive INR2.5.62 crores, marking a substantial 55% increase compared with the previous year’s INR132.64 crores. PBT surged to INR153.93 crores, a remarkable 86% increase from previous fiscal INR82.83 crores. The PAT for nine months on a standalone basis stands at INR115.25 crores, up by 86% compared to previous fiscal INR61.96 crores.
Thank you and over to the assist team for Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles.
First question is from the line of Banshi Mundra from BSM Investment Advisor. Please go-ahead.
Banshi Mundra
Greetings to you for a blockbuster quarter. Thank you for giving me opportunity, sir, for this con-call. So sir, basically I’ll divide my questions in just two-parts. What target are we seeing in 2025 or 2026 from the top-line and for the capex is done, what revenue are we expecting from that and what other revenue are we expecting.
B. Sharat Chandra
I think to answer your first question for 24, 25 we are expecting the target to be around 1,200 numbers. And for ’25-’26, we have already indicated earlier in the previous call where we are targeting a conservative number of 2,500 numbers. We are actually ramping-up — ramping-up the installed capacity to about 5,000 numbers. And by quarter-four earnings call we will have clear clarity on what could be the guidance for the next financial year. As of now, we are indicating about 2,500 numbers.
As far as the capex is concerned, see basically, we have a large order book of about 10,200 plus numbers to meet these order execution, we have actually put up a new plant where the construction on Phase-2 is an advantage of progressing at an advanced-stage. And to initially we have a capacity built about 200 buses per month, where we are targeting to increase to about 400 buses per month. So the revenue — so the capex we have actually plan to take a debt of about INR500 crores. So to meet these revenues. I hope I have clarified.
Banshi Mundra
Yeah. Thank you so much, sir. Thank you for giving me opportunity.
Operator
Thank you. Next question is from the line of Gaurang from Utility Unified. Please go-ahead.
Gaurang
Hi, I’m audible?
Operator
Yes, sir. Please proceed.
Gaurang
Yeah, congratulations for the Q3 numbers. I have couple of questions. First, in terms of the order book, you mentioned that the order book is of 10,200 buses odds. So just to understand the value of these buses, I have few numbers. So basically from Mumbai BASC buses, we have some 5,000 buses order and which are basically 12 meter AC buses, which should be around 1.75 cr in cost. Then we have MSRTC order, which is 2,800 are electric coach buses and we have nine meter MSRTC, which would be around 2, 350 number buses. So I’ve just done some calculation wherein I’ve arrived at number — in terms of value to be around INR20,000 crores. So am I right in projecting those numbers?
B. Sharat Chandra
Mr Gaurang, actually I need to clarify, see basically these numbers the average sales realization, if you look at the sales mix currently, it’s about INR1.5 crores. If you look at nine meters, 12 meters and coach all put together. So when we talk about these kind of large numbers, and the pricing that is definitely will be variable. It all depends on factors like what could be the cost and — and these orders are going to be executed in the next 24 to 30 months. So in that scenario based on the cost structure, both we and our customers will mutually agree for a price. As of now, the average price is about INR1.5, you can take INR1.5 as a ballpark and then have the number.
Gaurang
Yes, it comes to around INR15,000 crores INR16,000 crores.
B. Sharat Chandra
Yes.
Gaurang
Yeah. Thank you for the answer, sir. Yeah. So my next question is recently Chief Minister’s Office of Maharashtra had tweeted that there is an MOU of INR3,000 crores which was signed between Electra EV endeavors. So my question is this related to the battery energy storage system investment, which MD, sir spoke about few months back.
B. Sharat Chandra
Yeah, one second, I’ll Mr Hanuman will clarify.
P. Hanuman Prasad
Hi, Mr.
Gaurang
Yeah.
P. Hanuman Prasad
As a part of business development, we are exploring the various opportunities. This is just an expression of our interest into that in different kind of business or extension of the electric vehicle related issue, maybe appropriate time once a concrete decision taken from the Board perspective, we’ll come back to the shareholders.
Gaurang
But is it vehicle related or is it battery storage-related.
P. Hanuman Prasad
Both combines. Okay, yeah. And my last question. So what is the current status of the factory like are the automatic robos in-place so that the factory gets totally autonomous see basically we have placed the orders and we are expecting the machinery in about next three to four months about six months time okay. And robotics and the is two eased with robotics. So it may take about six months time to get all the in-place.
Gaurang
And if I may know which company’s robots are we thinking of? Is it ABB?
P. Hanuman Prasad
As of now, actually we will not be able to delibrate coca all the. One minute just I’ll just indicate the vendor names.
B. Sharat Chandra
So we are discuss discussing with all the major robotic players like Fanuk, Coca and all other top robotic players. I think we answer your question.
Gaurang
Okay. Yeah, thank you for answering. Yeah, wishing you well for the next quarters. Yeah. Thank you. Thank you. Next question is from the line of Deepak Poda from Capital. Please go-ahead.
Deepak Poddar
Am I audible, sir? Yes, please go-ahead. Yeah, yeah. Thank you very much, sir for this opportunity. Sir, just wanted to reclarify, I mean, this year we are targeting 1,200 buses, right, in terms of delivery and next year 2,500 conservatively, right?
B. Sharat Chandra
Correct. Correct.
Deepak Poddar
And what was the number in this 3rd-quarter?
B. Sharat Chandra
3rd-quarter, we did about 282 and cumulatively we did about 753.
Deepak Poddar
Cumulatively, we did about 753 to — so in the last quarter, we are expecting around 450 kind of a number, right?
B. Sharat Chandra
That is the target we are — we are targeting to get reach about INR1,200.
Deepak Poddar
Understood. And how should we look at margins? I mean, last two quarters, our margin has been quite stable at 15% 15.5%. So in the near-term, we expect this margin to continue.
B. Sharat Chandra
In the near-term, we expect the same margins, but over a period of time, as I think I’ve clarified in the past with the numbers. In terms of value, we see a significant growth in value. But over a period of time, the margins could be around 10%, 12%.
Deepak Poddar
Okay, okay. Yeah, yeah, that you have mentioned over the longer-term, maybe we expect margin at 12%, right? But in near-term, this 15% 15.5% kind of a margin is sustainable.
B. Sharat Chandra
Correct. It all depends on the product mix.
Deepak Poddar
Okay. Also. Yeah, yeah. Fair. And this entire INR15,000 crores to INR16,000 crores, we are expecting to execute in next two, 2.5 years, right?
B. Sharat Chandra
Right, correct.
Deepak Poddar
Okay. Okay, okay. And so considering this, I mean your volume target of 2,500 looks conservative, right? I mean for the next year, ideally should be much as you’re.
B. Sharat Chandra
Right, I think I have mentioned to the first investor, so we will have more clarity when we come back for the Q4 earnings call. So as of now, conservatively, we would like to keep the number at INR2,500 and once we have more clarity by Q4 earnings call, we will like to give the revised guidance.
Deepak Poddar
Okay, fair enough. And just one last thing on the debt side, by when we are looking to, I mean, increase the debt of INR500 crores that you mentioned.
B. Sharat Chandra
Next maybe four, five months?
Deepak Poddar
So in FY ’26.
B. Sharat Chandra
Basically the planned and part where we have we are yet to incur. Okay. It will drawdown for the plant and machinery.
Deepak Poddar
Correct. So in four to five months, I mean ideally in first-quarter or second-quarter of FY ’26. Correct. Okay. And what is the total capex amount you mentioned? I missed that number.
B. Sharat Chandra
The total capex is we are estimating around INR700 750 crores, including the land cost.
Deepak Poddar
Okay. Out of this INR750 crore, we are looking INR500 crores through debt and remaining INR250 crores to internal accruals?
B. Sharat Chandra
Yeah. Yes, correct.
Deepak Poddar
Okay. Okay. Okay. Yeah, I think that would be it from my side. Thank you so much. All the very best. Thank you.
B. Sharat Chandra
Thank you. Thanks a lot.
Operator
Thank you. Next question is from the line of Prapul Ry from Partners. Please go-ahead.
Prafull Rai
Sir, hi, I’m Prapul. Congrats for great set of numbers. I have a couple of questions. The first is, see, is there a bottleneck or some kind of a glitch on supply-side that we are facing yeah, which is leading to a lower-than-expected production at our end? We keep hearing all kinds of things. Therefore, I just wanted you to help us with the way we should be thinking about this particular issue? That is one.
Second, on the buses, we are selling the buses on a vet lease basis or, whatever. So there is an intermediate vehicle which is financing that. Is there any issue on the financing side of these buses because that becomes heavy as and when we supply more of these buses? And that is question number two.
And third is, sir, when this increased capacity is going to come in, when will this capacity come in-place in terms of when we can start producing buses? These are the three questions I have, sir. Thanks.
B. Sharat Chandra
The first question, as you’re all aware, we are in continuous process of streamlining the production as we are ramping-up our operations with the new plant. And while we are — our initial guidance was about 1,500 numbers, now we now foresee a revised target about 1,200 numbers for this year. This adjustment reflects our commitment to prioritizing the quality and operational efficiency over share volumes. The production numbers in the first 3/4 have set a solid base and with the upcoming ramp-up of our new state-of-the art facility, we are well-positioned to achieve this robust target. We remain fully committed to scaling even more effectively in the coming quarters and continue to deliver a sustained growth and creating a long-term value for our investors.
As far as the business model, I think you are aware, it’s a GCC model and various EV — SPVs, EV trans SPVs are incorporated to meet the requirements of various states. So I think in the past also we have mentioned the latest two big orders of 5,150 buses and 2,400 plus 25% — about 3,000 buses as well as 2,100. Almost all these three major orders, these sanctions are in-place. A couple of projects, we almost the final documentation stage and the last project, its documentation will be taken-up shortly. So the financial closures are in-place, so we don’t foresee any major challenges as far as the financing is concerned.
With regard to capacity, we, as we have indicated in the past we have built about 2,500 numbers, about 200 numbers per month, which we are ramping-up to about 5,000 numbers in the near-future. Over a period of one year we want to ramp-up to about 10,000 numbers.
Prafull Rai
Sir, one question probably, see, I just wanted to help us with that. We keep thinking — hearing that there is some kind of a supply issue on the battery side of it from China and some stabilization on the Chase manufacturing setup. Can you just help us with because this is this battery thing some other companies have also come and talked about. So are we having any such issues or probably these issues are passed and we are able to ramp-up now?
B. Sharat Chandra
We don’t have any battery issues as far as we are concerned, we don’t have battery issues so we are working as I think we have indicated, we have a strong R&D team. We keep working on introducing new models and localization is a continuous process.
Prafull Rai
Okay, I think this is very helpful, sir. Thank you. Thanks a lot.
B. Sharat Chandra
Thanks.
Operator
Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and 1 one. Next question is from the line of Sameer Deshpande, an Individual Investor. Please go-ahead.
Sameer Deshpande
Hello. Congratulations, sir for good numbers. I would like to know the production capacity currently you mentioned is about 2,400 annually. And the Hyderabad plant is in our presentation, it mentioned 5,000. So you mentioned how soon it will be touching 5,000?
B. Sharat Chandra
5,000 numbers we are in about next four to six months time, we are going to touch.
Sameer Deshpande
Four to six months time. And in the last quarter, I think we had sold 315 buses and in this quarter, we sold about INR282. So at the current run-rate, it seems to be around INR300 crores. So we are targeting 1,200 for the current year.
B. Sharat Chandra
Yes, correct.
Sameer Deshpande
Or do we expect to be better-off in the March quarter because of the government budgets, et?
B. Sharat Chandra
So nothing actually there is no as such impact from the budget side. So basically, as I mentioned to fellow participants, we are in the continuous process of streamlining the production as we are ramping-up the operations with a new setup. And in-quarter three we focused on delivering higher-value CX2 model and this allowed us to increase our top-line revenue even with slightly lower production volumes. Meanwhile, we have invested time in optimizing our production processes and scaling up our supply-chain to ensure smoother execution for execution of larger orders of different models in the near-future. So we expect both the production volume and the revenue to grow substantially, ensuring sustained value for all stakeholders.
Sameer Deshpande
Okay. And no, since we are mentioning 1,200 buses for the year and we have achieved some 750 odds. So as Samwana mentioned, the last quarter the best can be 450 odds and which will be significantly higher than 280 in this quarter.
B. Sharat Chandra
So we basically our target is about 400 EVs in this quarter, 400 plus EVs. We are actually expecting a based on all the parameters, we are expecting to meet this target. But as I said, this is the — as of now, this is what we are targeting and we want to break the Q4 with all the previous quarter numbers. That is — and we — if we do that, that will be our strongest quarter. So we are targeting to do this. We will try our best.
Sameer Deshpande
Okay. And now that is fine. Now the product — in India, currently, I think there are a few manufacturers along with you and who — so what is — which company has the largest market-share in terms of the electric vehicle — electric buses supplying to the government? Are we the largest one?
B. Sharat Chandra
Yes, yes. See, see, basically, as I think as in my introductory note, I mentioned about our numbers in terms of cumulative supply as well as kilometres. Yes, so our our buses have on Indian roads. We have cross more than 30 crore kilometers and by far this is highest actually compared to anybody in the market and about 2,500 electric vehicles we have supplied to 31st December 2024. In terms of — in terms of both the supply number as well as the number of kilometers, by far we are the largest.
Sameer Deshpande
Sure. And in the last call, you had mentioned about the AMC which we received per. So what is the revenue that generated in this quarter or in this financial year compared to the last year?
B. Sharat Chandra
And compared to last year, our revenue from AMC is about 5% of the total top-line. So that means about INR13 crores INR53 crores about 5%, about INR65 crores to INR70 crores is our AMC income. And compared — compared to last year, it has doubled almost. Yeah, 1.5 times more than last year. As the fleet increases, the fleet increases, the revenue — AMC revenue from AMC service is likely to go up.
Sameer Deshpande
Yes. But as our captive total number it goes up, it will be significantly because 5% is fixed. So when our volumes grow, if it is INR2,000 crores, it will be INR100 crores per annum or whatever.
B. Sharat Chandra
No, it is not 5% fixed. As of now, the AMC income is about 5%. So as we progress, we expect the 5% to improve because the fleet, if it goes about 10,000 numbers, the revenue contribution could be slightly better than 5%. But overall, yes, what you are saying rightly, it could be around 5% on a larger revenue base.
Sameer Deshpande
That is a very good so steady source of income and maybe in next one, two years, it can be significant income. And that — so that including our operating margin target continues to be this or it can — it can be higher.
B. Sharat Chandra
So in absolute terms, it will be higher, definitely. But in a percentage times over a longer tenure and with larger volumes, we expect that to stabilize around 12%.
Sameer Deshpande
But currently it continues to be 15 plus and maybe after one, two years it will come down to because when the volumes go up significantly.
B. Sharat Chandra
Correct?
Sameer Deshpande
Okay. Thank you, sir, and all the best.
B. Sharat Chandra
Thanks.
Operator
Thank you. Next question is from the line of Balamur Likrishna from Oman Investment Advisors. Please go-ahead.
Bala Murali Krishna
Hi, what is the reason for this drop-in the number of buses produced in this quarter? We are expecting a little bit higher number and surprisingly, we see that number has dropped from the last quarter.
B. Sharat Chandra
MR., I think this is the same question I’ve been asked by the other investors as well. I think we have tried to clarify. Maybe to summarize, as you are aware, we are in continuous process of streamlining the production as we are ramping-up the operations in the new plant. And this adjustment reflects our commitment to prioritizing quality and operational efficiency over share volume. And the production numbers in the first 3/4 have set a solid base and with the upcoming ramp-up of the new state-of-the opportunity, we are well-positioned to achieve a this revised target as well as in the coming futures, we continue to deliver sustained growth. That is what our vision and creating a long-term value for our investors.
Bala Murali Krishna
Okay, sir. Then regarding the order book, since a long-time we have not won any orders so we are still sitting with this BS best and orders only. So from PMEC we could not able to capture any share from the team have a tender sir. So what is the pipeline of tenders?
B. Sharat Chandra
As of now, we participated and waiting for that awarding of tender and what could be the number? Could you please clarify on this. See, as you rightly said, currently, we have an order book of 10,200 plus buses. We haven’t stopped our participation in the new e-bus tenders. We are active. Recently, we have participated in HRTC, not just Connectica tenders. And while our current order book is substantial, the current commissioning of the new plant is geared up precisely to ensure we meet the future demand seamlessly. And as you rightly said about the PME saver, I’d like to ask my colleagues to clarify.
Unidentified Speaker
So as frankly said by, sir, we are under negotiations for the tenders of HRTAC HRTC as well as NW. HRTC about 330 buses and NW is about 350 buses and we have good order book of 10,200 buses and in recent PMPM is ever the players are announced as L1 but the rates yet to be finalized and as well as the LA had to be issued.
Bala Murali Krishna
So in PME is one of the kind of we are alone, right?
Unidentified Speaker
So PME we are not L1. We have a separate orders from HRTC and Northwest Karnataka. We are where we are L1, we are negotiating.
Bala Murali Krishna
Understood, sir. So other than this, any these tenders, any other big tender who have participated in standard pipeline?
Unidentified Speaker
So these are the two of which are in pipeline and we have significant order book to execute more than 10,000 numbers.
Bala Murali Krishna
So what is the current month run-rate sir? How much have been produced — how much bus is produced in this I’m sure that we are in the.
B. Sharat Chandra
See, basically month-on-month is being price-sensitive. We are not giving any guidance, only quarter guidance we have been giving and then we have given the revised target of about 1,200 numbers 44 over our full-year and quarter which includes about 400 plus numbers for quarter-four.
Bala Murali Krishna
Okay, fine. But the thing which we are worried is actually some of our competitors are sitting with some higher capacity and they are able to execute the orders very quickly as they have already 5,000 box capacity. But being a 10,000 backlog is continuing since the long-time as the order execution is on the low sales and we are not able to add any further orders to the order book, significant orders or INR300 crores INR400 crores would be okay. So good. So this will at one point of time maybe will be behind the competitors, it seems like that. So what is your take on that side?
B. Sharat Chandra
See, basically, we are focusing on our business and we are seeing sustained growth over the last several quarters and we continue to strive to have a sustained growth in the near-future as well. And as in the initial note, I mentioned about working on new technologies. As far as we are concerned, we are pioneered in bringing new technologies. With the advancement of technologies, we are confident that our products will — will definitely stand-in the market compared to anybody. So — and as far as the — so continuously, we have been growing. So there are — and we are definitely striving to have business growth in or a sustained manner.
Bala Murali Krishna
Okay, sir, that’s all. Thank you.
Operator
Thank you. Next question is from the line of Ravindra, an Individual Investor. Please go-ahead. Ravindra, your line is unmuted. Please go-ahead with your question.
Ravindra
Hello. Yes, sir. Please proceed. Yeah, my question is answered from the previous call. Yeah, that was my question. Thank you.
Operator
Thank you. The next question is from the line of Nitin Gandhi from Inoquest Advisors Private Limited. Please go-ahead.
Nitin Gandhi
Yeah, thank you for the question. Just would like to understand the AMC. How does it happen? Are you having AMC for all the buses supplied? It starts after how many periods warranty and do they have the option to take a — their own management of a vehicle fleet or everything comes to you for some certain duration. Can you share some thoughts on that?
And second question is, this capex which you said is for increasing to INR5,000, that’s 400 per month and but you said that overall plan is to reach from INR400 to $800, that’s almost INR10,000 a year. So what will be capex for that? Thank you.
B. Sharat Chandra
Yeah, sure. See, our business model is gross cost contract, wherein as an OEM, our scope is to manufacture and deliver the buses and take care of the after-sale service. So this is how the model is structured and the — typically the project duration is about 12 years and for the entire 12 years, is responsible to take care of the maintenance. Based on mutual agreement between the fleet owner and Oletra, we fix the price per kilometer. And based on number of kilometers run, the revenue is recognized.
So as far as the warranty is concerned, that is the part and parcel of the AMC arrangement. So wherein we have back-to-back warranties with our vendors for a specific period and specific kilometers.
And as far as the capex is concerned, as you rightly said, about the initial capacity of about 400 buses, we will be incurring this capex outlay and the civil part is taken care in this outlay. And as far as the equipment is concerned, we expect maybe about INR100 crores to INR200 crores to increase 10,000 numbers.
Nitin Gandhi
That’s good to hear. But AMC, can you share? Do we have — because like see, so-far we have supplied 2,500 buses by him, right? So maybe by this time, even if it’s the first year without AMC, I assume that’s the minimum duration after which AMC will start. So the next flow should every quarter keep increasing by whatever sales has happened six months back or one year back and that should be the flow to keep, right?
B. Sharat Chandra
Yeah. As the bus fleet increases, the supply increases within the month-after the buses are in operation, the income starts as based on the actual kilometers run by the fleet. So as the fleet number increases, the AMC income also proportionately increase.
Nitin Gandhi
So for they will remain aligned with us and they have after that they will have the choice to take some of right if I told they want somebody independently sets up the AMC business.
B. Sharat Chandra
After 12 years, the contract gets extended, we have not actually do not have any plans beyond the 12-year period as of now.
Nitin Gandhi
Yeah. I’m just assuming some. So that’s why I was trying to put some terminal right now. It is nice to hear. Maybe some more questions. I’ll come back to you.
B. Sharat Chandra
Thank you.
Operator
Thank you. Next question is from the line of Sudhakar Rao from Transparent Securities Private Limited. Please go-ahead.
Sudhakar Rao
Good evening, everyone.
Operator
Sir, your voice is very low. Please use your handset.
Sudhakar Rao
Good evening, everyone. Can you hear me?
Banshi Mundra
Yeah. Good evening.
Sudhakar Rao
Yeah, I could log-in very late. So please bear with me if I’m repeating any of the questions. First of all, congratulations for launching the new bus with blade battery technology. Okay. Now coming to the numbers for this quarter, I was expecting much better numbers on sequential basis, but it did not happen. I think many of my previous speakers must also be perturbed by this — not ramping-up the production on expected lines, sir and even the last quarter, you had said that we’ll be doing at least 1,000 in the second-half of the year, but that still seems to be not possible as of now. So can answer me.
And the next question is, when will the fully automated robotic plant be ready? Because it is high time even the contract — EPC contract to the — to me, mega was given in way back-in July ’23 with a completion period of targeted 12 months should have been over by July ’24. I wonder it’s 1.5 years and the MEIL is their masters in executing huge projects and are not done for its own subsidiary. Any reason procurement, your robotic AI-based machinery or any other reason? Please you could clarify on that?
B. Sharat Chandra
Yeah. So basically, your first question, we have clarified to I think two, three investors, again, again, we will clarify. So as you are aware, we are in continuous process of streamlining the production as we are ramping-up the operations in the new plant. While the initial guidance was about 1,500 EVs for this year, we now foresee a revised target of about 1,200. And this adjustment reflects our commitment to prioritizing quality and operational efficiency over sheer volume. And as you are seeing rapidly, on a sustainable basis we have been growing and we would like to keep this sustained growth and creating long-term value for our investors. We are fully committed and the production numbers for first 3/4 have set a solid base and with the upcoming ramp-up, we are well-positioned to achieve this revised target.
This quarter we have invested time in optimizing our production process and scaling up our supply-chain to ensure smoother execution for significantly larger orders in the near — in the future. And as far as the planned capex is concerned, the civil work, the — as far as MEL target is concerned, the civil construction for Phase-2 is in advanced-stage. We expect that to be completed in next three to four months. As far as fully automatic robotic is concerned, it may take about six months time because we have negotiated with vendors and then we are in advanced-stage of placing the orders take about six months time for setting up the plant the Phase-1 plant is a conventional one Phase-2 is with robotics.
Sudhakar Rao
What is the capacity of Phase-1?
B. Sharat Chandra
It’s about 200 numbers per month, about 2,500 numbers. The civil is almost getting ready and we’ll be reaching about 5,000 numbers in the next four months time.
Sudhakar Rao
The 200 per month is the same as the old unit at that was shifted, that was also about INR1,500, I think 500.
B. Sharat Chandra
So it was not for 200 numbers, this was about 1,500.
Sudhakar Rao
So this addition of new capacity is in phases or separate lines for each munitor, how is it takes place?
B. Sharat Chandra
We have actually two body shops, the shop 1 and 2. One of the body shop we started where we partially commenced the operations in this year. The other body shop is in advanced-stage of getting completed.
Sudhakar Rao
I wish it was read up because already we have huge orders and competitors are delivering more numbers and already we have incurred about INR2 crores of penalties for delay. And my worry is, will it enter? I hope it won’t end-up in cancellation or anything like that. Okay. Coming to my other question, the that it has entered into MOU for with to invest up to INR3,000 crores in EV related projects. BYD passenger car unit that is being planned?.
P. Hanuman Prasad
, this is Hamon here. Yeah, I think it has nothing to do with the BYD scar facility. And as a part of business exploring the further opportunities, just we have — we registered our expression of interest with the — in the form of non-binding MOU, which is related to EB business only.
Sudhakar Rao
So your answer may be similar to my other question, in the last AGM, our CMD spoke about the company’s plans to diversify into battery energy storage systems, BSS and incidentally at Davos, MEL has signed an MOU with Telagana government for investing up to INR3,000 crores for setting up a BASS. Am I correct in guessing that it will be done by?
P. Hanuman Prasad
I think from the MEA side what they have signed actually I think we have no role. And prima understand coming to the second part of your question as a part of — for the BESS, as a part of exploring the business opportunities, we are striving to know, obviously, we have to know what is the opportunities and financial and operational feasibility. Once we get the clear fit reports actually, Board will take final call and appropriate them will come back to the investors.
Sudhakar Rao
Okay. Lastly, as you are aware, this is a silver jubile year for the company. So the best way for you to reward the all the long-term shareholders who have been eagerly waiting for ramping-up production, etc, it would be best to reward them by achieving your full capacity of INR10,000 crores — 10,000 buses in this year at least.
P. Hanuman Prasad
Sure. We noted. We noted and as you are aware, we are striving to — we are striving to move forward in that directionally. I hope you understand.
Sudhakar Rao
That is your best reward, please. If the promoter also listens to the shareholders hopes, maybe it will be good.
P. Hanuman Prasad
Noted. Noted your good word. Thank you, Jeep.
Sudhakar Rao
Okay. Thank you so much.
Operator
Thank you. Next question is from the line of Gaurang from Utility Unified. Please go-ahead.
Gaurang
Yeah, hi. So recently in Delhi, we launched the BYD blade battery technology and I was listening to the interview of our MD, sir, KB Pradeep, sir, wherein he mentioned that the bus can travel approximately 500 to 700 kilometers. So are we going to use this same technology for electric trucks as well?
B. Sharat Chandra
See as of now, basically we are in the process of now homologation. It will take about six months’ time. Initially to start with we are the — we will be introducing buses. So at appropriate time, once we have more clarity, we will come back to the investors.
Gaurang
Okay. So are we going to use this BYD blade technology in this 10,200 buses order that you mentioned?
B. Sharat Chandra
We have to basically come back because after we complete our homologation, which may take about six months’ time so it’s a business decision which we may have to take.
Gaurang
Okay. And I’m assuming this would be a perfect product fit for Fresh Bus, who has one of your customers into inter-city business. So have they shown any interest in this particular technology?
B. Sharat Chandra
We will come back at appropriate time because a lot of private players we have been receiving continuous inquiries because of the advancement in technologies and because of the larger number of kilometers which it can run on a single charge so a lot of inquiries have been received and we received a very, very homongous response and inquiries from our visitors. We are confident that this platform will definitely enhance to build our presence in the private segment as you right.
Gaurang
Yes. Yes, yes. It’s going to be the USP because I’m studying the competitors and no one has this excellent technology of going so long like 500 to 700 kilometers. So I think so it’s going to be the USP and the earlier that we get into this, it will be beneficial for us. Yeah. So my last question is with respect to electric papers. And in the last quarter, I had mentioned about tunnel, which is being constructed by MI Mega Engineering basically. And I had shared one article where they said that more than 1,000 to 1,500 tippers would be required. So have we got in touch with their team in terms of if we can deploy electric trucks for that project.
B. Sharat Chandra
So as of now, actually it is not progress, it remains the scope. So we keep exploring and we are doing continuous demos and trials at various project sites. We hope to receive orders in the near six months, one year and our R&D team has been working on introducing various other products in the exact segment. At appropriate time, we will come back and then we will — as the traction happens, because as of now, as you are aware, the traction — the cities at nascent stage. So adoption from conventional to EV track segment is taking more time. So we expect the that action to happen near six months-to one year.
Gaurang
Okay. And any order book that we have for electric trippers right now?
B. Sharat Chandra
Come again.
Gaurang
Do we have any orders for electric trippers in-hand?
B. Sharat Chandra
So as of now we are receiving lot of inquiries. We have been doing lot of trials. As of now, the orders — the inquiry to order has to we are expecting in the next Six-Month time.
Gaurang
Okay, that is good to know. Thank you so much for answering and wish you all the best for the last quarter. Thanks you so much.
Operator
Thank you. Next question is from the line of Saji John from Geojit Financial Services Limited. Please go-ahead. Good congratulations, sir, for a good set of numbers. Sir, actually my question is regarding any order that you participate in and you could not become the L1 bidder.
B. Sharat Chandra
Mr. John, it is not clear actually.
Saji John
Yeah, am I audible? Hello. Hello.
B. Sharat Chandra
Slightly better.
Saji John
Yeah, sir, my question is regarding any order book, any order that you have participated in and you could not win that order. You cannot become the L1 bidder.
B. Sharat Chandra
So this is a continuous process. So we have been bidding and see there are competitors in the market. So wherever we could not get the orders, the others have won the orders. So — and but the opportunity for EV segment is quite enormous as we have discussed in the past. So — and we have actually a hedged in terms of technology compared to others. As of now, as we have — as our buses are clocked more than 30 crore kilometres on Indian roads.
Saji John
So if I ask you sir on the EPM sava services that any order that we have missed?
B. Sharat Chandra
One minute my clarify on the PM E.
Unidentified Speaker
So as you see, we have been bidding strategically by keeping the good margins in mind for the both as well as for the — our strategic partner Private Limited. So we have good orders in-place. And as a continuous process, we will be winning few tenders and we will be — we will be L2 or L3 in few tenders. So this particular repremium, we haven’t won any orders. But if you see in the previous orders in DEST or MSRTC, the largest orders we have won and we are also in, few other tenders also in-market. Yeah. I think I hope I have answered your question.
Saji John
Okay, fair enough, sir. Sir, my next question is regarding the order book, the current order book that we have. Around in 2023, like if I go by the numbers, like around — you have around 8,000 kind of orders that you have total but — and you could execute only around in 12 to 18 months that you need to execute. So like how much is the penalty like we have to be incur like going-forward?
B. Sharat Chandra
I think we have discussed in the past, we have clarified, we would like to clarify again. So basically this industry, EV industry is at a nascent stage and there are under this GCC model, the scopes and responsibilities are defined wherein the operating company, which has won the order has to deliver the buses and from the STU side, they need to arrange depost space and charging electric power connections. So these are the two score scope of work and for example, in the case of large order like MSRDC, almost 200 depots are required to be open. So it’s a continuous process. They need to allocate space and create the depot space and accordingly, we will manufacture and supply. So — and it is beneficial. Yeah, it’s mutually beneficial for both SCU as well as the hubs as it is operationally in terms of revenues, it is highly remunerated for the SEOs. As of now, no penalties have been charged to Elektra.
Saji John
So I mean there is a scope of negotiation is there, right?
B. Sharat Chandra
Correct, absolutely.
Saji John
Yes, okay. So on the truck side, sir, you don’t have — you don’t had any seal for this quarter, right, sir? The truck side?
B. Sharat Chandra
As of now, we have not actually sold any truck tipper this quarter. We expect orders to come in the next six months-to one year as we are doing lot of trials and demos across various project sides of intra companies and the inquiries are in of inquiry into an order, we hope in next six months-to one year.
Saji John
Okay. So next year is where you will be having more numbers coming into the work right, sir in the next, next year, right, but we can hope that you will be delivering on your number orders.
B. Sharat Chandra
Yes, correct.
Saji John
Thank you, sir. That’s all from my side.
Operator
Thank you. Next question is from the line of Varun Gupta, an Individual Investor. Please go-ahead.
Varun Gupta
Hi, am I audible?
B. Sharat Chandra
Yes, we are. Yes.
Varun Gupta
So I think congratulations for the great set of numbers and I think the whole team has to be appreciated and congratulated because I remember 2020 we did around INR200 crores of sales or revenue year-end, probably we will touch INR2,000 crores this year. Hope so. So I think your team should be appreciated for that. So having said that, I have couple of questions and I think you already have clarified. But again, this HRTC tender, it is the same tender which we got L1 three, four months back and still we haven’t got the orders.
B. Sharat Chandra
Yes, yes. You are right.
Varun Gupta
So my question is that how it is working audible when we say L1, we are — that means lowest bidder on price point, then they are further negotiation and they are taking three, four months just to give order is my understanding is correct?
B. Sharat Chandra
Yes, yes.
Varun Gupta
Okay. Okay. And same is case with your Karnatka tender.
P. Hanuman Prasad
Not just Karnaka. In Northwest — northwest Karnataka also, the tender is recently opened, we were L1 and we currently the order is under negotiation.
Varun Gupta
Perfect. Okay. My last question. See, in this last one year, I don’t know if I’m correct or not, but it seems that the government orders — the pace has become slow. If you remember that CSL tender, the big one, I think 3,800 buses, it started last Feb. We have again on-site now from tomorrow and it has not closed. Any reason government has gone slow or how the overall scenario is looking from the government side and adding to it, how many standards or how many purses are like we have already submitted the bids. These are the two questions.
B. Sharat Chandra
I think as of now, I think if you ask us about 30,000 plus or buses order — orders has been finalized in India and we have won about 12,000 buses till-date, out of which we have delivered more than 2,400 buses and we have — as of now, we have about 10,200 buses order. And if you — like you said, the CESL and other orders, which came at later-stage, which are various STUs has — various OEMs has participated in those tenders. And those tenders was are not yet finalized because of multiple reasons. There were no few OEMs are asking for the payment security mechanisms and few OEMs are the payment security mechanism where government need to confirm the or give a guarantee on the payment. So due to these kind of issues, the finalization of LOEs and timing of agreements for pending.
Varun Gupta
Got it. So how many tenders we have already submitted the bids like if you have a ballpark numbers 1, 2, 10 or the number of buses we have submitted.
B. Sharat Chandra
If you, if since the inception of the company.
Varun Gupta
In no, no, no which no, no, no, which we have now submitted, which are not we have received, which is under submission and in-progress.
B. Sharat Chandra
Okay, which is under submission and progress is like I said, HRTC, yes, we have submitted and we are waiting for the final negotiation to happen and we have — we are L1 in NW Karnataka and there are other tenders like and there is a 140 bus tender from Navar Aipur and there is a tender for 500 buses from IRT and there is a there is a recent reported tender from Rajasthan State STU, which is about 200 buses and there is a tender from UBS, which is NCC and all the OEMs in the country are asking this to convert to GCC. Yes. These are the tenders which are.
Operator
Ladies and gentlemen, please hold while we reconnect to the management as the line has been disconnected. Thank you. Ladies and gentlemen, thank you for patiently holding. We have the management line reconnected. Over to you, sir. So we have Mr Varun Gupta waiting for the answer.
B. Sharat Chandra
Yeah, Mr Varun, we have answered, I think.
Varun Gupta
Yeah, yeah, I think you have answered, we have answered the question and thank you so much. All the best for next quarter and I hope we touch INR2,000 crore this year. Thank you so much. All the best.
B. Sharat Chandra
Thank you. Thanks a lot for your nice words.
Operator
Thank you. Ladies and gentlemen, we will take this as the last question for today. I would now like to hand the conference over to the management for the closing comments.
B. Sharat Chandra
We thank all the shareholders who have participated and have been very supportive in your company’s growth journey and the patience and the faith reposed in your company and we expect good growth in the — on both in terms of consolidated revenue and profitability in this financial year. Thank you very much.
Operator
Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you all for joining us and you may now disconnect your lines.