 "Olectra Greentech bus")
Shares of electric-bus manufacturer Olectra Greentech raced over 15 per cent to hit a record high of Rs 1,209 per share on the BSE in Friday's intra-day trade, after the company bagged contract worth Rs 10,000 crore from Maharashtra State Road Transport Corporation (MSRTC).
So far this calendar year (CY23), shares of Olectra has rallied over 144 per cent, as against 8 per cent rise in the S&P BSE Sensex.
On Friday, July 7, the company received a letter of intent from MSRTC to supply, operate, and maintain 5,150 electric buses, allied electrical, and civil infrastructure on gross cost contract basis. These buses will be delivered over a period of 24 months.
In the January-March quarter of FY23 (Q4FY23), the firm clocked 37 per cent year-on-year (YoY) revenue growth to Rs 376 crore amid higher demand, while consolidated net profit rose 52 per cent YoY to Rs 27 crore.
Meanwhile, for the full financial year (FY23), the company's consolidated revenue increased 84 per cent YoY to Rs 1,090 crore, as against Rs 35.35 crore, in the year-ago period.
Meanwhile, for the full financial year (FY23), the company's consolidated revenue increased 84 per cent YoY to Rs 1,090 crore, as against Rs 35.35 crore, in the year-ago period.
Earlier this year, the company bagged order from Telangana State Road Transport Corporation for supply of 550 electric buses. That apart, the company also inked pact with Reliance Industries to develop hydrogen buses.
Olectra Greentech is a pure electric bus manufacturer, with manufacturing facility in Hyderabad. The company's research and development (R&D) centre is recognised by the Department of Scientific and Industrial Research, Government of India.
