Olectra Greentech’s stock surged by more than 12% on August 13 after the company announced impressive financial results for the first quarter of FY25. The Hyderabad-based electric vehicle (EV) manufacturer reported a 34% year-on-year (YoY) increase in net profit, reaching ₹24 crore. Revenue also saw significant growth, climbing 45% YoY to ₹314 crore for the quarter.
The company’s EBITDA grew 4.4% year-over-year to ₹43.9 crore from ₹42 crore in the corresponding quarter of the previous year. Besides, Olectra Greentech’s EPS climbed by 33% YoY to ₹2.92.
Other developments: The Board of Directors approved the re-appointment of Venkateswara Pradeep Karumuru as Managing Director for a further period of three years commencing from July 29, 2024, subject to the approval by shareholders at the ensuing 24th Annual General Meeting. It also appointed Subramaniamsundar Rajan Vangal and Pandu Ranga Vittal Elapavuluri as Independent Directors for a period of five years with effect from August 12, 2022, subject to shareholder approval.
Olectra Greentech is a manufacturer of composite polymer insulators, electric buses, and trucks. The company has so far supplied 1,902 EVs, out of which 156 vehicles have been delivered in this quarter itself. The order book is healthy with a total of 10,818 units pending to be delivered.
“As of 11:14 am on August 13, Olectra Greentech shares were at ₹1,716.35 per share on the National Stock Exchange, up over 11 percent”. The stock has since the beginning of this year risen by nearly 25 per cent as against the Nifty 50 index’s rise of more than 12 per cent. In the past one year, investors in Olectra earned an impressive return of 53 per cent, as compared to Nifty’s 25 per cent gain.
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Source: Moneycontrol
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