Olectra Greentech Limited, a leading electric vehicle (EV) manufacturer, saw its shares rise by 11% following a solid quarterly performance. The company reported a 34% increase in consolidated net profit for the quarter ending June 30, 2024.
Key Financial Highlights
- Net Profit: The company recorded a net profit of ₹24 crore for Q1FY25, up from ₹18 crore in the same quarter of the previous fiscal year.
- Revenue: Olectra Greentech’s consolidated revenue from operations rose by 45.3%, reaching nearly ₹314 crore for the quarter, compared to ₹289 crore in Q1FY24.
Operational Milestones
- EV Deliveries: To date, Olectra Greentech has delivered 1,902 electric vehicles, including 156 units during the last quarter.
- Orders in Hand: The company holds orders for 10,818 units, reflecting strong demand for its electric vehicles.
Management’s Focus
KV Pradeep, Chairman and Managing Director of Olectra Greentech, emphasized the company’s commitment to expanding its manufacturing capacities and advancing its technological capabilities. He also highlighted the board’s approval for his reappointment as Managing Director for three more years, starting from July 29, 2024, pending shareholder approval.
Stock Performance
As of 9:48 AM, Olectra Greentech’s shares were trading 10.49% higher at ₹1,704.85
