Olectra Greentech hits the roof after receiving LoA for 50 buses

Olectra Greentech was locked in an upper circuit of 5% at Rs 839.35 after the company received letter of award for 50 electric buses Evey from one of the State Transport Authorities under FAME-II scheme of Government of India.

The order is to supply 50 electric buses on Gross Cost Contract (GCC) / OPEX model basis (i.e for Inter-City Operations) for a period of 12 years (contract period). 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.

The value of the contract is approximately Rs 125 crore and the transactions between the company and EVEY are to be considered as related party transactions and shall be at arm's length basis.

With this, the company's total order book for electric buses against above and earlier orders is around 1,523 electric buses after considering the deliveries already made.

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

On a consolidated basis, the company reported a 605% rise in net profit to Rs 3.6 crore on a 42.2% increase in net sales to Rs 71.43 crore in Q2 FY22 over Q2 FY21.

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