Olectra Greentech Reports Q1 FY24 Results: Standalone Net Profit at Rs 18.70 Crore
Olectra Greentech Limited announced its Q1 FY24 results, showing a mixed performance. While standalone net profit slightly decreased by 0.59% to Rs 18.70 crore, consolidated net profit grew by 8.33% to Rs 18.07 crore. However, revenue declined both on standalone (32.38% decrease to Rs 206.02 crore) and consolidated (23.14% decrease to Rs 216.02 crore) basis. Quarter-on-quarter comparison showed declines across key financial metrics, with revenue down 22.46% and net profit down 7.82% compared to Q4 FY23.

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Olectra Greentech Limited, a leading player in the electric vehicle and insulator manufacturing sector, has announced its financial results for the first quarter of the fiscal year 2024. The company's performance shows a mixed picture with some segments experiencing growth while others faced challenges.
Standalone Performance
On a standalone basis, Olectra Greentech reported a net profit after tax of Rs 18.70 crore for Q1 FY24, compared to Rs 18.81 crore in the same quarter last year, marking a marginal decrease of 0.59%. The company's revenue from operations saw a significant decline, dropping to Rs 206.02 crore from Rs 304.67 crore year-over-year, representing a 32.38% decrease.
Consolidated Results
The consolidated financial results paint a slightly different picture:
- Net profit after tax increased to Rs 18.07 crore, up from Rs 16.68 crore in the previous year's quarter, showing a growth of 8.33%.
- Revenue decreased to Rs 216.02 crore from Rs 281.07 crore, indicating a 23.14% reduction.
Segment-wise Operations
Olectra Greentech operates in three key segments:
- Insulator Division
- E-Bus Division
- E-Truck Division
Financial Highlights
- Earnings per share (EPS) for standalone results remained stable at Rs 2.28.
- The board meeting to approve these unaudited financial results was held on August 7, 2023.
Quarterly Performance Comparison
Comparing the current quarter's performance with the previous quarter:
Metric (in Rs crore) | Q1 FY24 | Q4 FY23 | QoQ Change |
---|---|---|---|
Revenue | 342.90 | 442.20 | -22.46% |
EBITDA | 49.20 | 56.50 | -12.92% |
Net Profit | 22.40 | 24.30 | -7.82% |
Operating Profit | 43.90 | 52.30 | -16.06% |
The quarter-on-quarter comparison reveals a decline across key financial metrics, which aligns with the year-over-year decrease in revenue reported in the company's announcement.
Market Position and Outlook
Despite the challenges faced in revenue generation, Olectra Greentech's ability to maintain profitability, especially on a consolidated basis, demonstrates the company's resilience. The electric vehicle sector, particularly the e-bus and e-truck segments, continues to be a focus area for the company as India pushes for greener public transportation solutions.
As the market for electric vehicles in India evolves, Olectra Greentech's diverse operations across insulators and electric vehicles position it to capitalize on various growth opportunities in the coming quarters.
Historical Stock Returns for Olectra Greentech
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
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-0.83% | -0.55% | -2.25% | +30.35% | -9.69% | +2,370.18% |