Olectra Greentech spurts on emerging lowest bidder for e-bus tender

Olectra Greentech hit an upper circuit of 5% at Rs 187.85 after the company said its consortium emerged as the lowest bidder for a tender floated by one of the state transport corporation.

The consortium of Evey Trans (EVEY) and Olectra Greentech has been declared as least quoted (L-1) bidder for another 100 electric buses (i.e for inter-city operations) by one of the state transport corporation under FAME-II scheme of Government of India.

The said tender is for supplying 100 electric buses on gross cost contract (GCC)/OPEX model basis (for inter-city operations) for a period of 12 years.

Once letter of award (LoA) is received for 100 electric buses, EVEY shall procure these electric buses from Olectra Greentech, which shall be delivered over a period of 10 months. Value of this tender is approximately Rs 250 crore to the company.

The transactions between the company and EVEY are to be considered as related party transactions and shall be on arm's length basis.

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

The company posted a consolidated net profit of Rs 2.99 crore in Q3 FY21 as compared to a net loss of Rs 2.65 crore in Q3 FY20. Net sales jumped 29% to Rs 61.1 crore in Q3 FY21 over Q3 FY20.

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