Record High: Olectra Greentech’s shares surged over 15% to reach an all-time high of Rs 1,209 per share on the BSE following a significant contract win.
Impressive Performance: The company’s shares have rallied over 144% in the calendar year 2023, outperforming the 8% rise in the S and P BSE Sensex.
Multi-Crore Contract: Olectra Greentech secured a contract worth Rs 10,000 crore from the Maharashtra State Road Transport Corporation (MSRTC).
Massive Order: The contract entails supplying, operating, and maintaining 5,150 electric buses and associated infrastructure on a gross cost contract basis for MSRTC.
Delivery Timeline: The buses will be delivered over a period of 24 months, further boosting Olectra Greentech’s growth prospects.
Strong Financial Performance: In Q4FY23, the company recorded a remarkable 37% YoY revenue growth, amounting to Rs 376 crore, driven by heightened demand.
Consolidated Profit Surge: Olectra Greentech’s consolidated net profit rose by 52% YoY to Rs 27 crore during the same period.
Impressive Yearly Revenue: The company’s consolidated revenue for FY23 witnessed a substantial 84% YoY increase, reaching Rs 1,090 crore compared to Rs 35.35 crore in the previous year.
Key Collaborations: Olectra Greentech has partnered with Telangana State Road Transport Corporation and Reliance Industries for the supply of electric buses and the development of hydrogen buses, respectively.