Olectra Greentech stock surges 117% in a year, boosted by EV market expansion

The electric bus maker’s share price has surged more than 117% in the past year. In the last six months the stock has given healthy returns of 35.41% and over 25% so far this year in 2024 (YTD).

Shares of Olectra Greentech closed 3.72% higher at ₹1,698 apiece on the NSE on Thursday after rallying as much as 6% to an intraday high of ₹1,738.5 apiece.

Last month the company reported a healthy growth in its revenue and net profit for the full financial year ended March 2024 (FY24). Olectra Greentech’s revenue from operations for the financial year ended March 31, 2024, grew nearly 6% to ₹1,154.13 crore against ₹1,090.76 crore in the preceding fiscal. The company’s net profit for FY24 increased 17.58% to ₹78.65 crore compared to ₹66.89 crore on a year-on-year basis.

The company’s consolidated revenue from operations in the March quarter fell by 23% to ₹288.81 crore compared to ₹375.91 crore in the corresponding quarter in the preceding fiscal. The electric bus maker’s revenue from operations for the March quarter declined more than 15% quarter-on-quarter from ₹342.14 crore in the quarter ended December 2023.

The electric vehicle maker’s net profit for the March quarter declined nearly 46% to ₹14.89 crore compared to ₹27.49 crore in the corresponding quarter a year-ago. Sequentially, the company’s net profit declined 45% from ₹27.11 crore in Q3FY24.

The Board of Olectra Greentech recommended a final dividend of ₹0.4 per share at the face value of ₹4. The company has said that the dividend, if approved, will be paid within thirty days from the conclusion of the Annual General Meeting (AGM) of the company.

Olectra Greentech Ltd is a manufacturer of electric buses and insulators. The company has also been a part of building the power transmission and distribution infrastructure in India. The company is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL).