10,000 E-Buses/year: This multibagger EV manufacturing company announces stellar quarterly & half-yearly results and reports 142 per cent jump in net profit!

The stock gave multibagger returns of 112 per cent in just 1 year and over 1,900 per cent returns in 3 years.

On Monday, shares of Olectra Greentech Ltd gained 0.70 per cent to Rs 1,185.15 per share from its previous closing of Rs 1,176.95 with an intraday high of Rs 1,224 and an intraday low of Rs 1,180.45. The stock gave multibagger returns of 112 per cent in just 1 year and over 1,900 per cent returns in 3 years. The shares of the company saw a spurt in volume by more than 1.08 times on BSE.

The company announced stellar Quarterly Results and half-yearly results for the fiscal year 2023. Here are the details:

According to the quarterly results, the net sales increased by 73.2 per cent to Rs 307.16 crore and the net profit skyrocket by 142.29 per cent to Rs 17.18 crore in Q2FY24 compared to Q2FY23.

According to the half-yearly results, the net sales increased by 14.13 per cent to Rs 523.14 crore and the net profit increased by 57.53 per cent to Rs 37.01 crore in H1FY24 compared to H1FY23.

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 Limited was incorporated in 1992. The Company is primarily engaged in the manufacturing of composite polymer insulators and electrical buses. The company has tied up with BYD (a Chinese battery and electric vehicle maker) for the manufacturing of electric buses. Electric buses are sold under the joint brand name of Olectra BYD.

The company have currently 1,263+ E-Buses on India roads. The company has received a significant order worth Rs 395.12 crore from Megha Engineering & Infrastructure Ltd (MEIL) for the construction of a greenfield electric vehicle manufacturing facility in Hyderabad, Telangana. This order follows a previous major contract with the Maharashtra State Road Transport Corporation (MSRTC) for the supply, operation, and maintenance of 5,150 electric buses and related infrastructure, valued at Rs 10,000 crore.

The company is expanding its operations and venturing into new market segments with a comprehensive roadmap for the future. A new greenfield electric vehicle manufacturing plant will be established on 150 acres of land, significantly increasing the company's production capacity to 5,000 electric vehicles per year, with the potential to scale up to 10,000 electric vehicles per year. This expansion will enable the company to cater to the growing demand for electric vehicles in the private staff transport segment and establish its presence in the airport bus market with its TARMAC buses. The company's strategic land acquisition from Telangana State Industrial Infrastructure Corporation Limited demonstrates its commitment to this expansion and its vision for the future of electric mobility.

The company has a market cap of over Rs 9,000 crore and has delivered good profit growth of 49.1 per cent CAGR over 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.