Olectra Greentech Shares Surge on Strong Q2 Profit

24 Oct 2024 , 10:27 AM

Olectra Greentech shares surged by 6% on October 23, reaching ₹1,716 per share after the release of strong Q2FY25 results.

At the time of writing on October 24, 2024 at 10:15 am, shares of Olectra Greentech are trading at ₹1672.75 which is a 1.17% gain than the previous close. The stock has gained a total of 56% in the last one year, and 21% since the beginning of the year.

Consolidated net profit increased by 156.5% to ₹47.65 crore compared to ₹18.57 crore in the same quarter last year. Revenue from operations rose by 71% to ₹524 crore in Q2FY25, compared to ₹307 crore in Q2FY24.

Electric vehicle (EV) division, contributing 90% of revenue, saw a 75.21% YoY rise to ₹482 crore, while the insulator division generated ₹41 crore.

Shares bounced back in August after six months of decline, though the stock remains 23% below its February peak of ₹2,221.95.

Olectra secured a contract to supply 327 electric buses to the Himachal Road Transport Corporation (HRTC) on October 8, boosting future growth prospects.

As of March 31, 2024, the electric bus order book stood at 10,969 units, with more tenders anticipated from various state transport undertakings (STUs).

The Indian electric bus market, generating USD 282.7 million in 2023, is projected to grow at a CAGR of 18.2% and reach USD 905.4 million by 2030.

PM-eBus Sewa Scheme approval by the Union Cabinet, with a total outlay of ₹3,435.33 crore, supports the expansion of electric bus infrastructure across India.