8,088 orders in hand: This multibagger EV manufacturing company bags order worth Rs 4000 crore!
The stock gave multibagger returns of 461.33 per cent in just 1 year and over 1,174.36 per cent returns in 3 years.
On Thursday, shares of Olectra Greentech Ltd jumped to the day high by gaining 7.72 per cent to Rs 2,221.95 per share from its previous close. The stock gave multibagger returns of 461.33 per cent in just 1 year and over 1,174.36 per cent returns in 3 years. The shares of the company saw a new 52-week high of Rs 2222.00 on BSE.
In a significant development for the electric vehicle sector, a consortium consisting of Olectra Green Tech Limited ("Olectra") and Evey Trans Private Limited ("EVEY") has clinched a massive contract worth Rs 4,000 Crores. The contract, awarded by the Brihan Mumbai Electric Supply & Transport Undertaking (BEST), entails the Supply, Operation, and Maintenance of 2,400 Electric Buses on a Gross Cost Contract Basis.
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Under the terms of the contract, EVEY, the recipient of the Letter of Award (LOA) from BEST, will oversee the procurement and delivery of the electric buses from Olectra over an 18-month period. Moreover, Olectra will be responsible for maintaining these buses throughout the 12-year contract period.
In Quarterly Results of Q3 FY23–24, the company saw a significant surge in revenue, reaching Rs 342.14 crore, up by 33 per cent from the previous year, primarily driven by increased deliveries, with a total of 1615 electric vehicles delivered. The Profit After Tax (PAT) stood at Rs 27.11 crores, showing a substantial 77 per cent increase. Additionally, the company reported a strong Earnings Per Share (EPS) of Rs 7.69 for the nine months ended December 31, 2023, compared to Rs 4.70 for the same period in the previous fiscal year.
In a recent conference call, Olectra Greentech, a company that has garnered significant attention for its remarkable growth, showcased its impressive performance and ambitious goals. With its stock delivering extraordinary returns, surpassing the 1000 per cent mark over the past three years and surging by 330.15 per cent in the last year alone, Olectra Greentech outlined its commitment to doubling its turnover every two years and unveiled targets for FY24-25, with a focus on innovative solutions like Hydrogen buses.
About Company
Olectra Greentech Limited was incorporated in 1992. The Company is primarily engaged in the manufacturing of composite polymer insulators and electrical buses.
Disclaimer: The article is for informational purposes only and not investment advice.