Olectra Greentech‘s share price surged over 5% on Monday after the company posted its earnings for the quarter ended March.
What Happened: The company’s consolidated revenue from operations jumped 38.56% year-over-year, and 46.6% sequentially to ₹375.91 crore in the March quarter. The major chunk of the company’s revenue came from its e-bus division, which raked in ₹305.70 crore. The company’s insulator segment brought in revenues of ₹47.26 crore. Its new segment of e-truck brought in revenues worth ₹22.95 crore.
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The company’s net profits jumped 54.68% to ₹27.49 crore. The number is almost double the ₹14.38 crore profit the company reported in the December quarter of 2022. Earnings per share for the quarter stood at ₹3.29.
The EV company also announced a dividend of ₹4/share for the year ended March. Details of which will be declared later by the company. The dividend payment is subject to shareholders’ approval.
Price Action: Olectra’s share price was up 7.99% to trade at ₹696.45 in the early hours of trading on Monday.
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