Olectra Greentech stock zooms 12% as investors cheer Q1 earnings

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

Shares of Olectra Greentech zoomed over 12 percent on August 13 after the firm reported its Q1FY25 earnings. The company's net profit soared 34 percent year-on-year to Rs 24 crore and revenue climbed 45 percent YoY to Rs 314 crore in the first quarter of FY25.

The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) climbed 4.4 percent YoY to Rs 43.9 crore in Q1 as against Rs 42 crore in the June quarter of the previous fiscal. Its earnings per share (EPS) rose 33 percent YoY to Rs 2.92 in the quarter under review.

Separately, the Board of Directors approved the reappointment of Venkateswara Pradeep Karumuru as Managing Director for a three-year term starting July 29, 2024, pending shareholder approval at the upcoming 24th Annual General Meeting.

Additionally, the Board appointed Subramaniamsundar Rajan Vangal and Pandu Ranga Vittal Elapavuluri as Independent Directors (Additional Directors) for 5 years, starting August 12, subject to shareholder approval.

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Olectra Greentech is engaged in the manufacturing of composite polymer insulators, electric buses and electric trucks. It is also the largest manufacturer in India of silicone rubber/composite insulators for power transmission and distribution networks.

The company said it has delivered 1,902 EVs till date, including 156 EVs that were delivered during the quarter. The Hyderabad-based EV firm has a total orders of 10,818 units at hand. It continues to focus on increasing its manufacturing capacities and enhancing its technology capabilities, said chairman & MD KV Pradeep.

At 11:14 am, Olectra Greentech shares were trading over 11 percent higher at Rs 1,716.35 apiece on NSE. So far this year, the stock has surged 25 percent, outpacing the Nifty 50, which gained over 12 percent during this period. Over the past year, the stock has delivered returns of around 53 percent as compared to Nifty's returns of 25 percent during this period.

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