Olectra Greentech hits fresh 52-week high, 2x returns in 3 months

From its 52-week low of Rs 374, the stock has doubled to Rs 780-level over the past three months

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A slew of electric bus order wins has propelled the stock of Olectra Greentech higher since February. From its 52-week low of Rs 374, the stock has doubled to Rs 780-level in the past three months.

On June 1, the stock hit a fresh 52-week high of Rs 786 on the National Stock Exchange, 4 percent higher from the previous close and extending gains for the third straight day.

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In Q4, the electric bus manufacturer posted a 52 percent year-on-year (YoY) rise in its consolidated net profit to Rs 27.01 crore against a net profit of Rs 17.77 crore in Q4 FY22.

Its consolidated revenue for the quarter came in at Rs 375.91 crore, up 39 percent YoY from Rs 271.3 crore in the same period a year ago.

Although there continue to be supply chain and other macro risks, the company’s focus remains on increasing the manufacturing capacity and enhancing the technology capabilities, the management said after the results.

Though the stock is trading at high valuations, over 90x trailing earnings, the Street seems optimistic following the recent order wins.

In March, the company bagged an order for 550 electric buses from Telangana State Road Transport Corporation. A month earlier, the company announced a tie-up with Reliance Industries for developing hydrogen buses.

The technical partnership between Olectra and Reliance on the hydrogen bus project is officially expected to launch in 2024, analysts said. Geojit Financial Services has an “accumulate” rating on the stock with a target of Rs 738.

It has also bagged the biggest-ever order of 2,100 electric buses worth Rs 3,675 crore from Mumbai public transporter Brihanmumbai Electric Supply and Transport (BEST).

Olectra Greentech is a subsidiary of Megha Engineering and Infrastructures Ltd. (MEIL). The company is primarily engaged in the manufacturing of electric buses and composite polymer insulators.

At 1.16 pm, the share was trading at 763.8 on the NSE, up 3.96 percent from the previous day.

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