Shares of this electrical bus manufacturing company fell around 1 percent in Tuesday’s trading session despite receiving an order from Assam State Transport Corporation worth Rs. 15.14 crores. The shares have delivered a multibagger return of 175 percent in one year to its shareholders.
With a market capitalization of Rs. 13,984 crores, the shares of Olectra Greentech Ltd started Tuesday’s trading session on a higher note at Rs. 1,719 compared to its previous close of Rs. 1,714.40. During the trading session, the shares hit a low of Rs. 1,685, making a loss of around 2 percent and closed the day slightly higher at Rs. 1,709 apiece.
According to the exchange filing, the company received a Letter of Award (LOA) from Assam State Transport Corporation for the Supply of 10 Electric Buses on Outright Basis. Furthermore, the value of these 10 Electric Buses supply would be approximately Rs. 15.14 crores.
Coming onto the company’s financial statements, revenue increased by 11 percent from Rs. 307 crores during the September quater to Rs. 342 crores in the December quater. In addition, the net profits zoomed by 47 percent from Rs. 19 crores to Rs. 27 crores during the same timeframe.
Olectra Greentech has shown a strong performance and continued growth in Q3 FY24, with the delivery of 1,564 electric buses and 51 electric tippers as of December 31, 2023. Moreover, the company is experiencing strong demand, reflected in a net order book of 8,088 electric buses after delivering 376 in 9 months.
Furthermore, Olectra Greentech plans to deliver a minimum of 2,500 buses next year, with another order of 5,150 buses scheduled across the next two financial years and also aims to actively engage in tender opportunities conducted by the Government of India for mobility, indicating potential future growth avenues.
Additionally, the company expects the trial production of a new facility to finish in March, with commercial production potentially starting in April. This facility is designed for a 5,000 bus capacity, carefully implementing 2,500 to start in FY 25.
Headquartered in Hyderabad, Olectra Greentech was incorporated in 2000. The company is primarily engaged in the manufacturing of electrical buses and composite polymer insulators.
Written By Vaibhav Patil
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