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News18
27-05-2025
- Business
- News18
Olectra Greentech Shares Tank 14% After Maharashtra Government Cancels Major E-Bus Order
Last Updated: Olectra Greentech Shares: Shares of Olectra Greentech Ltd fell as much as 14% to an intraday low of Rs 1,160 in Tuesday morning trade Representative Picture Olectra Greentech Share Price: Shares of Olectra Greentech Ltd fell as much as 14 per cent to an intraday low of Rs 1,160 in Tuesday morning trade, May 27, following Maharashtra Transport Minister Pratap Sarnaik's call to cancel the company's electric bus order over missed delivery deadlines. In a post on social media platform X, Sarnaik stated that the company had failed to deliver a single bus out of the 1,000 units scheduled for handover by May 22. While he did not mention Olectra Greentech by name, Sarnaik said officials were instructed to cancel the tender for 5,150 buses due to the supplier's lack of action, casting doubt on the project's viability. The order, awarded in July 2023 to a consortium of Olectra and Evey Trans Pvt Ltd, is valued at nearly Rs 10,000 crore over a 12-year contract. Under the agreement, Evey was responsible for procuring buses from Olectra and supplying them to the Maharashtra State Road Transport Corporation (MSRTC) over 24 months, while Olectra would handle fleet maintenance. The minister's comments followed a review meeting on Monday evening at the MSRTC headquarters, where he noted the company had made no progress despite being given a revised delivery timeline. Olectra Greentech has yet to issue an official response regarding the potential cancellation. This development comes shortly after the company reported strong Q4 financial results. Olectra's revenue grew 58 percent year-on-year, net profit doubled, EBITDA increased 70 per cent, and margins improved by 100 basis points. The company plans to hold an analyst call on Wednesday, May 28, at 4:30 PM to discuss the results. At around 9:30 am, Olectra shares traded at Rs 1,266, down 6 per cent from the previous close. Despite a 13 per cent gain over the past month, the stock is still down 9.2 per cent year-to-date. First Published: May 27, 2025, 11:17 IST
Indian Express
27-05-2025
- Business
- Indian Express
Maharashtra transport minister orders cancelling MSRTCs Rs 10,000 crore e-bus contract over missed deadlines
Maharashtra Transport Minister and Maharashtra State Road Transport Corporation (MSRTC) Chairman, Pratap Sarnaik, on Monday ordered the termination of the wet lease contract awarded to Olectra Greentech Ltd and Evey Trans Pvt Ltd for supplying 5,150 electric buses to the state-run public transport agency. The decision was made citing the companies' failure to meet delivery deadlines and repeated delays in supplying the e-buses. In July 2023, MSRTC had awarded one of the world's largest electric bus supply contracts, valued at Rs 10,000 crore, to Olectra Greentech Ltd and Evey Trans Pvt Ltd, both subsidiaries of Megha Engineering and Infrastructure Ltd, to expand its fleet. The agreement required delivery of the buses over a 24-month period starting November 2023, with a target of 215 buses per month. According to the initial terms of the contract, the consortium was expected to deliver over 4,000 buses by May 2025. The contract was later revised, reducing the delivery target to 1,000 buses by the same date. However, as of now, the consortium has delivered only 240 buses. 'There is doubt about the company's ability to supply buses in the future. Since the corporation urgently needs buses, if the company cannot fulfill its delivery obligations, the tender contract should be cancelled. At a time when MSRTC is in dire need of vehicles, the company's failure to meet deadlines is unacceptable,' said Sarnaik during a review meeting at MSRTC headquarters. The consortium has stated that it has not yet received any official communication from the government regarding cancellation of the contract. 'We have not received any such notice from MSRTC. We remain committed to delivering pollution-free, comfortable, and economical public transportation solutions, namely Olectra e-buses, to our esteemed client MSRTC,'the company Olectra said in its statement. So far, MSRTC has issued seven show-cause notices to the consortium and imposed penalties totaling approximately Rs 4 crore for breaches of contract and delays in timely delivery. The company had previously cited global supply chain disruptions—particularly the import of lithium-ion battery cells from China, which constitute nearly 50% of the bus cost, as the primary reason for the delays. While the chassis and bus bodies are manufactured domestically, dependency on imported components has hampered production. The consortium's poor delivery record is not limited to MSRTC. It has also failed to meet commitments made to the Brihanmumbai Electric Supply and Transport (BEST) undertaking. In May 2022, BEST had awarded the company a contract to supply 2,100 electric buses within a year. However, over the past three years, only 578 buses have been delivered. 'Currently, 100 buses per month are being delivered to BEST. In the past four months, more than 300 buses have been supplied, and the company aims to complete the 2,100-bus contract within this financial year,' a company spokesperson said. The delay has significantly hampered MSRTC's efforts toward financial recovery and fleet modernization. Serving over 5.3 million passengers daily, MSRTC operates one of India's largest inter-city bus networks and relies heavily on state support to cover expenses, including salaries for over 90,000 employees. 'Owing to the delays and non-performance, the minister has ordered the immediate cancellation of the contract with the consortium. The corporation is now exploring legal options to recover damages and is seeking alternative suppliers to meet its electrification targets,' said a senior MSRTC official.
Business Upturn
26-05-2025
- Automotive
- Business Upturn
Olectra Greentech Q4 FY25: Revenue jumps 57% YoY to Rs 438 crore; PBT doubles to Rs 32.3 crore
By News Desk Published on May 26, 2025, 20:04 IST Olectra Greentech Ltd reported a strong performance for the quarter and full year ended March 31, 2025, driven by robust growth in its electric vehicle (e-vehicle) division. Q4 FY25 results: Profit doubles, revenue jumps 57% Standalone revenue for Q4 FY25 stood at ₹437.97 crore, up from ₹278.13 crore in Q4 FY24 — marking a YoY growth of 57.5% Profit before tax (PBT) rose sharply to ₹32.31 crore, compared to ₹15.88 crore a year ago — a YoY jump of 103.5% Full-year FY25 performance For the full fiscal year FY25: Total revenue came in at ₹1,763.06 crore, up from ₹1,113.97 crore in FY24 E-vehicle division contributed ₹1,582.95 crore, while the insulator division added ₹180.11 crore PBT for FY25 rose to ₹186.23 crore, compared to ₹98.71 crore in FY24 ₹4 dividend and bonus issue The Board of Directors, in its meeting held on 26 May 2025, has recommended a final dividend of ₹4 per share (10% of face value), subject to shareholder approval. If approved, the dividend will be paid within 30 days of the Annual General Meeting. The board meeting began at 4:42 PM and concluded at 5:25 PM (IST). The book closure date for dividend purposes will be announced separately, in line with SEBI regulations. Disclaimer: This article is for informational purposes only. Business Upturn does not provide any investment advice or stock recommendations. Investors are advised to consult a qualified financial advisor before making any investment decisions. News desk at
