Olectra Greentech shares were trading 3% higher on 8 December after the company received an order to supply electric buses.

In its regulatory filing, the company said, “The company has received the letter of award from Vasai Virar City Municipal Corporation, Mumbai, for the supply and maintenance of 40 electric buses.”

The total value of these electric buses would be Rs 62.80 crore, and the order is on an outright sale basis and has to be completed within a seven-month period.

In its quarterly report for July-September, the company reported a three-fold increase in its net profit to Rs 18.58 crore for the quarter from Rs 7.42 crore reported in the same quarter of the previous fiscal year.

The revenue of the company also almost doubled during the quarter to Rs 307.16 crore against Rs 177.34 crore reported in the same quarter of the previous fiscal year. The revenue saw a significant spike due to an increase in vehicle deliveries during the quarter.

Olectra Greentech was established in 2000 and is the pioneer of electric buses in India. It is the largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks in India.

At 12:47 pm, the shares of Olectra Greentech were trading 0.53% higher at Rs 1,240.20 on NSE.