In an impressive feat, Olectra Greentech, a leading green technology company, witnessed a remarkable surge in its share prices, soaring an additional 13% on the morning of July 10. This surge comes on the heels of the company’s latest achievement – securing an unprecedented order valued at ₹10,000 crore, surpassing its current market capitalization.
Over the past three trading sessions, Olectra Greentech shares experienced an astounding 41% increase, reaching a peak of ₹1,394.40 on the Bombay Stock Exchange (BSE). Notably, trading volumes during this period exceeded the average, indicating robust bullish momentum in the market.
On July 7, Olectra Greentech announced that it had received a letter of intent from the Maharashtra State Road Transportation Corporation for the supply, operation, and maintenance of 5,150 electric buses and associated civil infrastructure. This significant development promises to bring in ₹10,000 crore in revenue for the company, with a delivery timeline spanning 24 months.
In the fiscal year 2022-2023, Olectra Greentech recorded an impressive 83% YoY increase in total revenue, amounting to ₹1,100 crore, while net profit witnessed a remarkable growth of 88%, reaching ₹66 crore. However, the company’s EBITDA margin in FY23 experienced a decrease of 162 basis points compared to the previous year. It is worth noting that one basis point represents one-hundredth of a percentage point.
Olectra Greentech’s recent achievements and substantial order acquisition have solidified its position as a key player in the green technology sector. With an optimistic outlook, the company is well-positioned to continue its upward trajectory and contribute to sustainable transportation solutions in India.