On Thursday, a multibagger EV stock jumped 7 percent after bagging an order for the supply of 2400 electric buses. The company has delivered a multibagger return of 465 percent in one year.
With a market capitalization of Rs 18,172.26 crore, the Olectra Greentech Ltd. stock price rose by 7 percent from its previous close of Rs 2,062.55 per share to a 52 week high of Rs 2,213.95 per share.
According to the company exchange filing, Olectra Greentech Ltd. has bagged an order worth Rs 4,000 crore from Brihanmumbai Electric Supply and Transport Undertaking (BEST) for the supply of 2400 electric buses on a Gross Cost Contract (GCC) basis for a period of 12 years, and the supply of buses has to be delivered over an 18 months period.
As of the December quarter, the company had 8,800 net orders for electric buses in hand. It operates through three segments: insulator division, Electric-Bus division, and electric truck division. In terms of geographical presence, the company has sold 26 percent of its electric buses in China, followed by 6 percent in Europe, 4 percent in India, and 1 percent in the USA.
On a yearly basis, revenue from operations increased by 33 percent from Rs 256.43 crore in Q3 FY23 to Rs 342.14 crore in Q3 FY24, and in the same period, net profits also increased by 77 percent from Rs 15.3 crore to Rs 27.11 crore.
Sequentially, on a quarterly basis, revenue from operations increased by 11 percent from Rs 307.16 crore in Q2 FY24 to Rs 342.14 crore in Q3 FY24, and in the period, net profits increased by 46 percent from Rs 18.58 crore to Rs 27.11 crore.
The shareholder pattern of the company shows that 50.2 percent is held by the promoter, followed by 41.86 percent by the public, 8.01 percent by the foreign institutional investors (FII), and 0.11 percent by the domestic institutional investors (DII).
Olectra Greentech Ltd. is India’s first ever electric bus manufacturer, engaged in the business of manufacturing composite polymer insulators and electric buses. Its main products include power insulators and electric buses. It is a publicly listed company currently trading on the BSE and NSE.
Written By Praveen R
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