Olectra Greentech advanced 2.49% to Rs 654 after the company said that it has received letter of award (LoA) from one of the State Transport Corporations for 100 electric buses.
This order for supply of 100 electric buses is on gross cost contract (GCC) / OPEX model basis for a period of 12 years (contract period).The company said that this order for supply of 100 electric buses is on outright sale basis and shall be delivered over a period of 9 months. Olectra Greentech shall be responsible for maintenance of these buses for a period of five years.
The value of these 100 bus supply would be approximately Rs 151 crore for Olectra.
Olectra Greentech has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting.
On a consolidated basis, the company's net profit jumped to Rs 16.63 crore as against Rs 1.32 crore in Q1 FY23 over Q1 FY22. Net sales surged 565% YoY to Rs 281.07 crore in Q1 FY23.
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