Olectra Greentech Limited, a subsidiary of Megha Engineering and Infrastructures Ltd, saw its shares open 6 percent higher at Rs 428 levels on Friday as against its previous close of Rs 402. It further gained 11 percent till 11:30 am and was trading at Rs 472 levels.
The company, in association with technology partner Reliance, has developed a Hydrogen bus which is a carbon-free alternative to traditional public transport. Olectra aims at commercially launching these buses within a year.
This initiative will help out the Indian Government to achieve its carbon-free hydrogen ambitions. The 12-metre low-floor bus has a customizable seating capacity of between 32 to 49 seats for passengers and can travel up to 400 km in a single fill. This initiative will help out the Indian Government to achieve its carbon-free hydrogen ambitions. The 12-metre low-floor bus has a customizable seating capacity of between 32 to 49 seats for passengers and can travel up to 400 km in a single fill.
Olectra Greentech Limited is a pioneer in manufacturing electric buses in India. It is also the country’s largest Silicone Rubber/Composite Insulators manufacturer for power transmission and distribution networks.
In Q3FY23, the company reported total revenue from operations of Rs 256.43 Crore, which increased by 23 percent YoY from Rs 208.26 Crore and 45 percent QoQ from Rs 177.35 Crore. The demand remained strong in the period with an order book of 1523 electric buses.
Their net profit in the period stood at Rs 14.68 Crore which jumped 18 percent from Rs 12.48 Crore in Q2FY22. From the previous quarter, their revenue jumped 107 percent from Rs 7.09 Crore.
The small-cap company has a market capitalization of Rs 3,915 Crore. The promoters of the company hold a 50.02 percent stake with zero shares pledged while the FIIs hold a 9.44 percent stake in the company.
Written by Anoushka Roy
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