Olectra Greentech secures Rs 4,000 crore order; stock hits all-time high

Shares of Olectra Greentech hit an all-time high during the trading session of Rs 2,222 on Thursday (February 22) after the consortium of Olectra Greentech bagged a Rs 4,000 crore order from Brihan Mumbai Electric Supply & Transport Undertaking (BEST/ Authority) for the supply, operation, and maintenance of 2,400 electric buses on a gross cost contract basis.

"Olectra Green Tech Limited ("Olectra/ Company'') and Evey Trans Private Limited ("EVEY") have received a Letter of Award ("LOA") from Brihan Mumbai Electric Supply & Transport Undertaking (BEST / Authority) for Supply, Operation, and Maintenance of 2,400 Electric Buses on a Gross Cost Contract Basis," the filing read.

As per the filing, buses will have to be delivered in 18 months.

The stock of Olectra Greentech closed 2 per cent, or Rs 41.3, higher at Rs 2,103.85. The market capitalisation of the company stood at Rs 17,268.56 crore. 

In 2023, the electric bus manufacturer received three big orders: 

-Order worth Rs 10,000 crore from MSRTC.

-Order to supply 5150 e-buses.

-Order for 550 e-buses from the Telangana government.

As per Zee Business research, the company delivered 1,564 e-buses in 9MFY24 and has an order book of 8,088 e-buses. Additionally, 80 per cent of the company's income comes from the e-bus division.

How did Olectra Greentech fare in Q3? 

The electric vehicle maker reported a 77 per cent rise in the consolidated net profit, which stood at Rs 2,711.16 crore against Rs 1,530.12 crore logged a year ago. 

Its revenue surged 33 per cent in Q3 FY2023–24 to Rs 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries. 

Olectra Greentech Managing Director KV Pradeep said, "We are pleased to report strong growth in our consolidated revenue and profitability for the Q3 and 9 months FY23–24. Our focus continues to be on increasing our manufacturing capacity and enhancing our technological capabilities. We also have a strong order book."

Olectra Greentech share price performance

In a year, Olectra Greentech shares have given a multi-bagger return of over 422 per cent, outperforming the Nifty50's rise of over 24 per cent. 

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