Multibagger EV stock surges 12% on Q1 earnings, check details

Shares of Olectra Greentech Ltd rose 12% on Tuesday after the firm reported its Q1 earnings. Olectra Greentech shares climbed 11.74% to Rs 1724.50 against the previous close of Rs 1543.30 on BSE. Olectra Greentech Ltd stock opened higher at Rs 1612.45 today. The stock has risen 178% in two years and gained 451.32% in three years.   
 
Total 2.69 lakh shares of the firm changed hands amounting to a turnover of Rs 45.37 crore. Market cap of the firm rose to Rs 14,152.36 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the stock stands at 27.2, signaling the stock is trading in the oversold zone. Olectra has a one-year beta of 1.1, indicating low volatility on the counter. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 100 day moving averages but lower than 30 day, 50 day, 100 day and 150 day moving averages.

Olectra Greentech reported a 34 per cent rise in net profit for the June 2024 quarter at Rs 24 crore compared to Rs 18 crore in the same period a year ago. Revenue climbed 45% to Rs 314 crore in Q1 against Rs 289 crore in the June 2023 quarter.

EBITDA in Q1 climbed 4.4 percent to Rs 43.9 crore against Rs 42 crore in the June quarter of the previous fiscal.

EPS rose 33% to Rs 2.92 in Q1 against Rs 2.60 in the Q1 of the previous fiscal.

Olectra Greentech was established in 2000 and pioneered the introduction of electric buses in India in 2015. It is also the largest manufacturer in India of silicone rubber/composite insulators for power transmission and distribution networks.