Olectra Greentech soars after Q1 PAT climbs 33% YoY to Rs 24 cr

Olectra Greentech soared 11.93% to Rs 1,727.35 after the company's consolidated net profit jumped 32.69% to Rs 23.99 crore in Q1 FY25 as against with Rs 18.08 crore posted in Q1FY24.

Revenue from operations was at Rs 313.93 crore in the quarter ended 30 June 2024, up 45.33% as compared with Rs 216.02 crore posted in the corresponding quarter last year.

Profit before tax in first quarter of FY25 stood at Rs 31.85 crore, marking a growth of 26.09% from Rs 25.25 crore in Q1 FY24.

Total expenses spiked 51.78% YoY to Rs 288.70 crore during the June 2024 quarter. Cost of material consumed was at Rs 224.10 crore (up 46.14% YoY) and employee benefits expenses stood at Rs 18.42 crore (up 23.54% YoY) during the period under review.

On the segmental front, Insulator division revenue was Rs 37.51 crore (up 26.50% YoY), e-bus division revenue was Rs 282.40 crore (up 23.32% YoY) and revenue from e-truck division stood at Rs 276.43 crore (up 48.32% YoY) in the first quarter.

On standalone basis, the companys net profit grew 10.91% to Rs 20.74 crore in Q1 FY25 as against Rs 18.70 crore posted in Q1 FY24. Revenue from operations jumped 47.65% to Rs 304.18 crore in the June 2024 quarter.

Meanwhile, the companys board approved re-appointment of Venkateswara Pradeep Karumuru as the managing director (MD) of the company for a period of 3 years with effect from 29 July 2024.

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

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