The shares of the company were trading in red at Rs 616 levels till the afternoon on Wednesday. In a month the stock has gained 1.1 per cent. In a year the shares have zoomed by approximately 52 per cent.
Olectra Greentech Limited (Olectra), a subsidiary of MEIL Group is India’s first ever electric bus manufacturer having manufactured and deployed all variants of Electric Buses in India. It is also the largest Pure Electric Bus manufacturer in the country.
The company has received a Letter of Award from Thane Municipal Transport Undertaking for 123 electric buses jointly with EVEY Trans (EVEY). The order is worth Rs 185 crores.
According to the agreement, EVEY Trans will buy the electric buses from Olectra Greentech, with the deliveries taking place over a nine-month period.
The order for 123 e-buses includes 55 12-metre buses (45 air-conditioned and 10 non-AC) and 68 9-metre e-buses (26 air-conditioned, 42 non-AC). The e-buses can be fully charged in four hours.
Further, post-production the maintenance of these buses shall also be undertaken by Olectra during the Contract Period.
A few weeks ago, the company received an order for 100 electric buses for Rs 151 crore from the Assam State Transport Corporation. Prior to that, Olectra was awarded a contract by Telangana State Road Transport Corporation to provide 300 electric buses for Rs 500 crore.
In September 2020 the shares of the company were trading at Rs 65.5 a piece on NSE. From there, it has climbed up to the current levels thereby delivering a multibagger return of 850 per cent in two years.
If an investor would have invested Rs 1 lakh in the shares of the company their investment would be worth Rs 9.5 lakhs in two years.
During the first quarter of FY23, the company reported total revenue of Rs 283.5 crores, up from Rs 43.9 crores during the same period in FY22. Their net profit for the- period was Rs 16.68 crores, up from Rs 1.31 crores in Q1FY22.
The company’s market capitalisation is Rs 5,046 crores as of September 21st, 2022. The promoters of the company hold a 50.02 per cent stake in the company with zero shares pledged.
Written by Anoushka Roy
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