In Friday’s trading session, the shares of a leading pioneer in Solar Photovoltaic (PV) Module manufacturing in India surged by 5 percent at Rs. 1,426.35, after the company secured a work order worth Rs. 16 crore in Supaul District, Bihar.
At 12:18 p.m., the shares of Solex Energy Limited were trading in the green at Rs. 1,415.95, up by 4.2 percent, compared to its previous closing price of Rs. 1,358.45, with a market cap of Rs. 1,132.8 crores.
What’s the News:
According to the latest regulatory filings with the National Stock Exchange (NSE), Solex Energy received a work order worth Rs. 16 crores under “Mukhyamantri Gramin Solar Street light Yojna” in Supaul District, Bihar.
The order is from the District Panchayat Raj Officer, Supaul, Bihar, for the design, supply, installation, testing, and commissioning of the Smart Solar street light system.
Under the contract, Solex Energy will install 5,220 Smart Solar Street Lights in the Supaul District located in Bihar.
Previous Order:
On 3rd July, Solex Energy received a work order worth Rs. 6.25 crore for the installation of a 2 MW Solar Ground Mount Power Plant from Vishwaprem Dyg. Mills Pvt. Ltd., Surat, to be completed within 6 months as per the terms of the order.
Financials:
Financially, the company experienced significant growth in its revenue from operations, showing a year-on-year rise of 126.3 percent from Rs. 161.7 crore in FY22-23 to Rs. 366 crore in FY23-24.
Similarly, its net profit increased during the same period from Rs. 2.7 crore to Rs. 8.7 crore, indicating a growth of 222.2 percent YoY.
The significant growth in revenue and profits reflects the company’s strategic investments in expanding operational capabilities and market presence. Additionally, strong expenditure control has also led to improved margins.
In FY23-24, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged by 151 percent year-on-year to Rs. 28.4 crore, up from Rs. 11.3 crore in FY22-23. The EBITDA margin improved to 7.76 percent from 7 percent over the same period.
Driven by robust product demand, Solex Energy has embarked on an expansion to 1.5 GW, with ambitions to scale up to 4.5 GW and venture into cell manufacturing within the next 2-3 years.
Shareholding Pattern:
According to the latest shareholding pattern, the Promoters hold a 70.66 percent stake in the company, while the Retail Investors hold a 29.34 percent in Solex Energy.
About the company:
Founded in 1995, Solex Energy Limited is engaged in the business of manufacturing of solar photovoltaic modules along with providing turnkey solar solutions across different segments like solar power plants, solar water pumps, and utility-scale ground mounted solar power plants.
Written by Shivani Singh
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