Olectra Greentech up over 10% after company reports strong Q1 figures

In Q1FY25, the company’s operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 4.3% YoY to ₹43.89 crore.

Olectra Greentech’s insulator segment recorded a growth of 26.49% YoY in revenue to ₹37.51 crore. Meanwhile, the revenue from the e-vehicle division jumped 48.32% YoY to ₹276.42 crore. The profit before interest and tax (PBIT) of the insulator division rose by 32.61% YoY to ₹10.43 crore. At the same time, the PBIT of the e-vehicle division grew 26.26% YoY to ₹30.91 crore.

The company also announced the reappointment of Venkateswara Pradeep Karumuru as the managing director of the company for three years. Further, the company announced the appointment of Subramaniamsundar Rajan Vangal as an independent director of the company for a period of 5 years. Pandu Ranga Vittal Elapavuluri was also appointed as an independent director of the company for 5 years.

Last month, Olectra Greentech announced that it had acquired 2,600 equity shares, amounting to a 26% stake in EVEY TRANS (MAH). EVEY TRANS will act as a special-purpose vehicle for executing an order from Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for 2,400 electric buses. The transaction was done at arms’ length as EVEY and Olectra are under common control with MEIL Holdings.

Olectra Greentech is India’s first electric bus company that manufactures electric buses and composite polymer insulators. The company is a subsidiary of Megha Engineering and Infrastructure (MEIL).

Shares of the company have risen by nearly 23% since the beginning of the year. The stock has gained over 50% in the past year.