Olectra Greentech stock price down by more than 3% today

26 Apr 2024 , 12:49 PM

Olectra Greentech’s stock price was down by more that 3% today. This followed the release of disappointing earnings for the March quarter. Olectra Greentech shares traded approximately 3.89% lower at ₹1,737. 

The company’s consolidated net profit plummeted to ₹13.71 Crore compared to ₹27.01 Crore in the corresponding period last year, while revenue declined from ₹375.91 Crore to ₹288.81 Crore.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also witnessed a decline from ₹50 Crore to ₹34.5 Crore year-on-year.

Sequentially, the company’s performance remained weak, with consolidated net profit and revenue standing at ₹26.99 Crore and ₹342.14 Crore, respectively, in the December quarter. On April 25, the board recommended a final dividend of ₹0.40 per share.

Olectra Greentech specializes in manufacturing composite polymer insulators and electrical buses, operating through three segments: insulator division, e-bus division, and e-truck division.

Recognized as a pioneer in electric bus manufacturing and insulators in India, Olectra Greentech has played a significant role in building the nation’s power transmission and distribution infrastructure.

With a vision to support environmental sustainability, the company has embarked on a new phase by developing innovative solutions for society, aligning with its mission to embrace growth in new-age green technology.

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