Olectra Greentech hits a new high, zooms 41% in three sessions

Olectra Greentech has to supply 5,150 electric buses to Maharashtra transport department.

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Olectra Greentech shares continued to rally and soared another 13 percent on July 10 morning to touch a new high after the company bagged an order worth Rs 10,000 crore, which was bigger than its prevailing market capitalisation.

In the last three sessions, Olectra Greentech has jumped 41 percent to a high of Rs 1394.40 on BSE. On all three days, volumes have been higher than average, signalling strong bullish momentum.

Olectra Greentech received a letter of intent for the supply, operation, and maintenance of 5,150 electric buses and electric civil infrastructure from the Maharashtra State Road Transportation Corporation, the company told exchanges on July 7.

These 5,150 electric buses will put Rs 10,000 crore in Olectra Greentech’s pocket. The vehicles have to be delivered over 24 months.

The company’s total revenue increased 83 percent year-on-year (YoY) to Rs 1,100 crore in FY23, while net profit grew 88 percent to Rs 66 crore. The EBITDA margin for the company reduced by 162 basis points YoY in FY23. One basis point is one-hundredth of a percentage point.

India's first electric bus manufacturer, Olectra makes and deploys all variants of e-buses in the country.

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