In an exchange filing, the electric bus manufacturer said, “Consortium of Olectra Greentech and Evey Trans (EVEY) has received a letter of award (LoA) from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supply, operation and maintenance of 2,400 electric buses on gross cost contract basis.”

The said order is to be on gross cost contract (GCC)/OPEX model basis for a period of 12 years (contract period). EVEY shall procure these buses from Olectra Greentech which shall be delivered over a period of 18 months.

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

Olectra Greentech is engaged in the manufacturing of composite polymer insulators, electric buses and electric trucks.

The company’s net profit surged 77.18% to Rs 27.11 crore in Q3 FY24 as against Rs 15.30 crore reported in Q3 FY23. Revenue from operations grew by 33.42% year on year to Rs 342.14 crore in the quarter ended 31 December 2023.

The scrip hit record high at Rs 2,222 in today’s intraday session.