Olectra Greentech Limited has announced its unaudited financial results for the quarter that ended on September 30, 2024, reflecting strong growth across various key metrics. The results were announced on October 22, 2024 and on October 23, Olectra share price opened higher than its previous close.
Looking into the financials, the company’s total income for the quarter stood at ₹52,618.84 lakh, marking a rise compared to ₹31,028.36 lakh reported during the same quarter last year. For the six-month period ending September 30, 2024, Olectra’s total income reached ₹84,318.48 lakh, a notable increase from ₹52,750.56 lakh in the corresponding period in 2023.
A substantial portion of this growth came from the company’s e-vehicle division, which generated ₹48,246.98 lakh in revenue during the September 2024 quarter. This represents a sharp rise from ₹27,536.58 lakh in the same period the previous year. The e-vehicle division continues to be a major driver of Olectra’s overall financial performance, reflecting the increasing demand for electric mobility solutions.
In terms of profitability, Olectra reported a net profit of ₹4,765.29 lakh for the quarter that ended September 30, 2024, a jump compared to ₹1,857.92 lakh in the same quarter last year. For the six-month period, the company’s net profit stood at ₹7,190.61 lakh, up from ₹3,665.16 lakh in the corresponding period of the previous year.
Olectra’s share performance also reflected the positive sentiment around its financial results. On October 23, 2024, Olectra share price opened at ₹1,690.00, up from its previous closing price of ₹1,619.55. By 10:13 AM, the stock was trading at ₹1,655.75, representing a 2.24% increase.
Incorporated in 2000, Olectra Greentech Limited is mainly involved in the manufacturing of composite polymer insulators and electrical buses.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
