Shares of Olectra Greentech Ltd. rose sharply in Tuesday’s trading session after investors cheered the Q1 earnings print. The stock surged 13% to hit a day’s high of ₹1,742.00. At the current level, the scrip has risen 24% so far in 2024.

Olectra Greentech posted a 34% increase in net profit for the first quarter at ₹24 crore, compared to ₹18 crore in the same period a year ago. The company’s revenue jumped 45% to ₹314 crore as against ₹216 crore last year.

For the June quarter, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose 4.5% to ₹43.9 crore, compared to ₹42 crore in the same quarter of the previous fiscal year.

Margin stood at 14% for the quarter under review as against 19.4% last year.

Olectra Greentech said that it has delivered 1,902 EVs so far, including 156 EVs that were delivered during the quarter. The company has total orders of 10,818 units at hand.

The EV firm continues to focus on increasing its manufacturing capacities and enhancing its technology capabilities, according to chairman and MD KV Pradeep.

In terms of levels, the stock is trading below its 30 day, 50 day, 100 day and 150 day moving average. Its 200-day moving average now lies at ₹1,636.

The relative strength index (RSI) of the stock stood at 27.1, signaling Olectra Greentech is trading in the oversold zone. This implies that stock may rebound.

The counter has a one-year beta of 1.1, indicating high volatility during the same period.

Olectra manufactures electric buses in India. It is also the country’s largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.

Megha Engineering is the promoter entity of Olectra Greentech and owns a 50.02% stake in the company, as per its June 2024 quarter shareholding pattern.

Shares of Olectra Greentech Ltd. are currently trading 10.65% higher at ₹1,707.20. The stock is up about 52% in the last one year.