The shares of one of the leading electric vehicle manufacturers jumped 2 percent in the day’s trade after it received orders for the supply and maintenance of 40 Electric Buses.
At 11:08 a.m the shares of Olectra Greentech Limited were trading at Rs. 1,242.50, up .72 percent from its previous day’s close price of Rs. 1,233.65 and its market capitalization is Rs. 10,245 Crores.
Olectra Greentech Limited has received orders worth Rs. 62.80 Crores from Vasai Virar City Municipal Corporation, Mumbai, for the supply and maintenance of 40 Electric Buses on an outright sale basis which shall be delivered over 7 months.
Olectra Greentech is primarily engaged in the manufacturing of electric buses and composite polymer insulators. It manufactures 7-meter, 9-meter, and twelve-meter models of air-conditioned electric buses in India.
It has its Manufacturing facilities in Hyderabad, with a current manufacturing capacity of 1,500 units per year, and as of November 2023, it has 8,209 Orders On hand.
It is Setting up a new greenfield plant with a capacity of 5,000 units per year and scalability of up to 10,000 units per year and it has acquired 150 acres of land in Hyderabad for the purpose.
Segmental revenue breakup is as follows, it generated 87.06 percent of its revenue from the E-Bus Division, 10.91 percent from the Insulator division, and the rest 2.02 percent from E- Truck division.
The company’s revenue from operations grew 83.86 percent from Rs. 593.26 Crores in FY22 to Rs. 1,090.76 Crores in FY23, accompanied by increasing profits of Rs. 35.35 Crores to Rs. 65.59 Crores.
Written by: Bharath K.S
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