Shares of this smallcap company locked 5 percent upper circuit after receiving an order for a 70 MWp Captive Solar Power Plant. On a YTD basis, the shares have delivered more than 300 percent returns to its shareholders.
With a market capitalization of Rs. 4,768 crores, the shares of Oriana Power Ltd started Tuesday’s trading session on a higher note at Rs. 2,485.80, locking a 5 percent upper circuit compared to its previous close of Rs. 2,367.45 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had received a new ground-mounted order for a solar power plant of 70 MWp under the Captive Segment located near Rajasthan.
The scope of work includes Engineering, Procurement and Construction (EPC), commissioning, operation and maintenance of the Solar Power Plant. The project is scheduled for completion within 9 months, followed by a 25-year operation and maintenance period.
Looking at the company’s financial statements, the revenue zoomed by 398 percent from Rs. 64.05 crores during H1FY24 to Rs. 318.81 crores in H2FY24. In addition, the net profits magnified by 750 percent from Rs. 5.72 crores to Rs. 48.62 crores during the same period.
Earlier, Oriana Power recently received a large work order worth Rs. 325 crores from Jodhpur Vidyut Vitran Nigam Limited for providing Engineering, Procurement, and Construction (EPC) and commissioning of 76.62MW (AC) Solar Power Plants.
Furthermore, the business pipeline currently exceeds more than 600 MWp solar (consisting of EPC and RESCO IPP) and more than 30 Ton CBG projects that are poised for execution. And are actively pursuing overseas opportunities in the Middle East region.
Additionally, the management anticipates a significant increase in FY25 topline performance, driven by robust demand in the renewable energy sector and a well-maintained order book.
Oriana Power is in the advanced stage of a financing agreement with a major financial institution in India. This collaboration aims to promote residential and SME rooftop solar projects, offering expedited fund disbursement which is expected to enhance customer conversion rates significantly.
Moreover, the company is setting ambitious goals, with a target to achieve 1 GW capacity by 2026 and OrianaPower is looking to tap into additional revenue streams by integrating agricultural practices with photovoltaic systems.
Headquartered in New Delhi, Oriana Power Ltd was incorporated in the year 2013. The company is a leading solar energy solution provider in India, specializing in constructing and operating solar projects for industrial and commercial customers.
Written By Vaibhav Patil
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