Olectra Greentech gains on bagging Rs 70-cr order for e-buses

Olectra Greentech rose 2.25% to Rs 319.90 after the company said it bagged an order worth Rs 70 crore for supplying 50 electric buses under FAME-II scheme of Government of India.

The consortium of Olectra Greentech and Evey Trans has received letter of award (LoA) from one of the State Transport Authorities for 50 electric buses under FAME-II scheme of Government of India.

This order for supply of 50 electric buses is on gross cost contract (GCC)/OPEX model basis for a period of 10 years (contract period). Value of this contract is approximately Rs 70 crore to the company.

These buses shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the contract period.

With these, total order book of Olectra for electric buses against above and earlier orders is around 1350 electric buses.

Olectra Greentech has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting.

The company reported a consolidated net profit of Rs 1.32 crore in Q1 FY22 as against a net loss of Rs 5.08 crore in Q1 FY21. Net sales during the quarter increased by 91% YoY to Rs 42.27 crore.

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