1,000 per cent returns: This multibagger EV company receives new order worth Rs 62,80,00,000 from Vasai Virar City Municipal Corporation!

The stock gave multibagger returns of 135 per cent in just 1 year and over 1,000 per cent returns in 3 years.

Olectra Greentech Ltd informed that the company has received a Letter of Award (LOA) from Vasai Virar City Municipal Corporation, Mumbai, for supply and maintenance of 40 electric buses. This order for the supply of 40 electric buses is on an outright sale basis and shall be delivered over a period of 7 months. The value of these 40 buses supply would be Rs 62,80,00,000 crore.

On Friday, shares of Olectra Greentech Ltd plunged 0.17 per cent to Rs 1,231.54 per share from its previous closing of Rs 1,272.60 with an intraday high of Rs 1,272.60 and an intraday low of Rs 1,218.20. The stock gave multibagger returns of 135 per cent in just 1 year and over 1,000 per cent returns in 3 years. The shares of the company saw a spurt in volume by more than 2.35 times on BSE.

According to the Quarterly Results, the net sales increased by 73.2 per cent to Rs 307.16 crore and the net profit skyrocketed by 142.29 per cent to Rs 17.18 crore in Q2FY24 compared to Q2FY23. In its annual results, the net sales increased by 83.86 per cent to Rs 1,090.76 crore and net profit increased by 87.60 per cent to Rs 64.25 crore in FY23 over FY22.

Olectra Greentech, a manufacturer of electric buses and composite polymer insulators, has partnered with BYD to create the Olectra BYD brand. Currently operating over 1,263 electric buses in India, the company recently secured major orders from MEIL and MSRTC, valued at Rs 395.12 crore and Rs 10,000 crore respectively.

To meet the growing demand, Olectra is expanding its operations with a new greenfield electric vehicle manufacturing plant on 150 acres, increasing production capacity and venturing into new market segments like private staff transport and airport buses. This expansion, fueled by strategic land acquisition, demonstrates Olectra's commitment to shaping the future of electric mobility.

The company has a market cap of over Rs 10,000 crore and has delivered good profit growth of 50 per cent CAGR over the last 5 years. Investors should keep an eye on this electric bus manufacturing company.

Disclaimer: The article is for informational purposes only and not investment advice.