OLECTRA · Automobile and Auto Components
Olectra Greentech Ltd. reported revenue of ₹314 cr for April to June 2024, +45.4% on the year and +8.7% on the quarter.
Operating profit (EBITDA) was ₹44.0 cr, a margin of 14.0%, −451 bps on the year and +225 bps on the quarter. Operating costs grew +53.4%, faster than revenue at +45.4%, so operating profit grew less than sales.
Net profit was ₹24.0 cr, +33.3% on the year and +60.0% on the quarter, with earnings per share of ₹2.92. Profit before other income, one-offs and tax grew 4.2%, so 29 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹10.08 over the last four quarters, the stock at ₹1,079.50 trades at 107.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹307 cr | ₹342 cr | ₹289 cr | ₹314 cr | ₹524 cr | ₹515 cr | ₹449 cr | ₹347 cr | ₹657 cr | ₹664 cr | ₹645 cr | ₹576 cr |
| YoY | — | — | — | +45% | +71% | +51% | +55% | +11% | +25% | +29% | +44% | +66% |
| EBITDA margin | 13.4% | 14.3% | 11.8% | 14.0% | 15.5% | 15.3% | 12.0% | 13.8% | 13.5% | 14.0% | 15.5% | 11.8% |
| Other income, % of PBT | 19% | 21% | 40% | 22% | 6% | 5% | 17% | 24% | 6% | 6% | 9% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 20% | 26% | 24% | 26% | 25% | 29% | 23% | 28% | 27% | 28% | 23% |
| Net profit | ₹19.0 cr | ₹27.0 cr | ₹15.0 cr | ₹24.0 cr | ₹48.0 cr | ₹47.0 cr | ₹21.0 cr | ₹26.0 cr | ₹49.0 cr | ₹47.0 cr | ₹57.0 cr | ₹27.0 cr |
| YoY | — | — | — | +33% | +153% | +74% | +40% | +8% | +2% | 0% | +171% | +4% |
| Core profit YoY | — | — | — | +4% | +177% | +119% | +100% | +4% | +5% | +2% | +204% | +15% |
| EPS | ₹2.20 | ₹3.29 | ₹1.67 | ₹2.92 | ₹5.79 | ₹5.64 | ₹2.56 | ₹3.17 | ₹6.04 | ₹5.65 | ₹6.76 | ₹3.16 |
| Flags | · | · | 1 | 3 | ✓ | ✓ | 1 | ✓ | ✓ | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Olectra Greentech Ltd. reported revenue of ₹314 cr (+45.4% on the year) and net profit of ₹24.0 cr (+33.3% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +4.2% on the year, against +33.3% for reported profit.
3 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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