Olectra Greentech tumbled 4.24% to Rs 1735.45 after the company reported 49.2% drop in consolidated net profit to Rs 13.71 crore in Q4 FY24 from Rs 27.01 crore in Q4 FY24.
Net sales declined by 23.2% YoY to Rs 288.81 crore during the period under review.
On the segmental front, revenue from the Insulator division was Rs 45.45 crore (down 4% YoY) and that from e-vehicle division was Rs 243.36 crore (down 26% YoY) in the fourth quarter.
Total operating expenditure for Q4 March 2024 added up to Rs 254.35 crore, down 22% YoY. While the companys raw material costs declined (down 26.9 YoY), other expenses and employee costs recorded an increase of 17.1% YoY and 30.1%, respectively.
The companys interest costs jumped 69% to Rs 13.06 crore in Q4 FY24 from Rs 7.73 crore in Q4 FY23.
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Profit before tax in Q4 FY24 stood at Rs 20.11 crore, down by 42.6% from Rs 35.06 crore in Q4 FY23.
For FY24, Olectra Greentech has recorded net profit and revenues of Rs 76.83 crore (up 17.1% YoY) and Rs 1,154.14 crore (up 5.8% YoY), respectively.
Olectra Greentech is engaged in the manufacturing of composite polymer insulators, electric buses and electric trucks.
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