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The company awarded the contract to EV manufacturing facility on 150 acres of the land situated at Seetharampur in Hyderabad, Telangana to Megha Engineering & Infrastructures (MEIL).
MEIL is the ultimate holding company and a related party to Olectra Greentech.
The project is expected be completed within 12 months from the date of approval of the shareholders and the proposed value of the contract is approximately Rs 395.12 crore.
Olectra Greentech is primarily engaged in the manufacturing of composite polymer insulators and electrical buses.
The company's consolidated net profit jumped 52% to Rs 27.01 crore on 38.6% rise in revenue from operations to Rs 375.91 crore in Q4 FY23 over Q4 FY22.
The scrip rose 0.65% to Rs 1,315.14 on the BSE.
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