Electric bus manufacturer Olectra Greentech Ltd on Thursday (December 7) said the company has clinched a contract from the Vasai Virar City Municipal Corporation in Mumbai.
"...we would like to inform you that, Olectra Greentech Limited ("Olectra" /Company) has received a Letter of Award ("LOA") from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 Electric Buses," according to a stock exchange filing.
The letter of award (LoA) signifies Olectra's successful bid for the supply and maintenance of 40 electric buses. The contract is valued at ₹62.80 crore and the 40 electric buses are slated for delivery over a span of seven months, the company said.
Olectra Greentech's profit after tax nearly tripled to ₹18.58 crore in the September quarter of 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was ₹7.42 crore.
Revenue for Q2 FY24 was ₹307.16 crore against ₹177.34 crore earlier. It said the revenue grew due to an increase in vehicle deliveries. During the quarter under review, Olectra delivered 154 electric vehicles, against 111 delivered in the same period of 2022-23, it stated.
The company reported earnings per share (EPS) of ₹4.40 for the half year ended September 30, 2023, compared to ₹2.95 for the year-ago period. During the first half of 2023-24, the PAT was ₹36.65 crore, up 52%, compared to the same period a year ago. Revenue was ₹523.18 crore, up 14% year-on-year.
Olectra Greentech was established in 2000 and pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India of silicone rubber/composite insulators for power transmission and distribution networks.
Shares of Olectra Greentech Ltd ended at ₹1,233.80, up by ₹22.20, or 1.83%, on the BSE.
