This order for supply of 123 electric buses is on gross cost contract (GCC) / OPEX model basis for a period of 15 years (contract period). Value of this contract is approximately Rs 185 crore to the company.

EVEY shall procure these buses from Olectra and which shall be delivered over a period of 9 months.

Maintenance of these buses shall also be undertaken by the Olectra during the contract period.

Olectra Greentech holds 34% stake in Evey Trans.

"These transactions between the company and EVEY are to be considered as related party transactions and shall be at arm's length basis," the company said in a statement.

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.