A leading manufacturing firm has announced its entry into a joint venture with Zetwerk Manufacturing Businesses to produce and market solar modules and cells. This partnership aims to establish a state-of-the-art manufacturing unit, marking a strategic move to expand its presence in the renewable energy sector and enhance its capabilities in solar technology.
Share Price Movement
The share price of Pennar Industries Limited went up by 4.3 percent to Rs. 223.78 per share on Friday, an increase from its previous close of Rs. 214.56 per share. The market capitalisation now stands at approximately Rs. 2,899 crore as of December 13, 2024.
Details Of Contract
Pennar Industries Limited and Zetwerk Manufacturing Businesses Private Limited have entered into a joint venture agreement to manufacture and sell solar modules and cells, including the development and operation of a manufacturing unit. The share exchange ratio/JV ratio is Zetwerk 50.10%, Pennar 45.00% and others 4.90%.
The transaction details are subject to customary approvals and conditions, which will be disclosed in compliance with applicable law once agreed. The agreement aims to leverage the capabilities of both companies to operate in the solar modules and cells manufacturing business, catering to both domestic and international markets.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Pennar Industries’s consolidated revenue from operations has declined by 8.1 percent YOY from Rs. 814 crore in Q2 FY24 to Rs. 748 crore in Q2 FY25 and increased by 2.04 percent QoQ from Rs. 733 crore in Q4 FY24.
The company’s consolidated net profit has increased by 22.7 percent, from Rs. 22 crore in Q2 FY24 to Rs. 27 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has increased by 3.8 percent QoQ from Rs. 26 crore.
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Market Outlook
The Indian capital goods manufacturing industry is poised for strong growth, with projected revenue increases of 9-11% in FY 2025. Key drivers include substantial investments in railways, defence, and energy sectors. Government spending surged in FY 2023-24, boosting order books by over 15%.
Emerging sectors like electric vehicles and data centres, along with PLI schemes, are expected to further enhance growth. Accounting for 27% of factories and 63% of foreign collaborations, the engineering sector continues to drive demand for capital goods.
Shareholding Pattern
As of the September 2024 shareholding pattern, Pennar Industries Limited is primarily held by the promoters at 39.6 percent, foreign institutional investors hold 4.81 percent, and the public with 54.04 percent.
About Company
Established in 1975, Hyderabad-based Pennar Industries is a leader in engineering and manufacturing. It specialises in precision engineering products, preengineered building systems, hydraulics, and warehousing solutions. Renowned for innovation and sustainability, the company caters to diverse industrial needs. With multiple facilities and a focus on quality, Pennar continues shaping India’s industrial landscape with excellence.
Written By Fazal Ul Vahab C H
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