The shares of this Micro-cap Infra company surged 7.5% in today’s trading after securing a power purchase agreement tender to supply 9 MW solar power for Maharashtra Electricity Board Limited for 25 years.
Stock Action:
Ganesh Green Bharat Ltd., with a market capitalization of Rs. 967.24 Crores, saw its shares rise to Rs. 392 per share, up from its previous close of Rs. 364.5 per share.
The reason behind the Action:
Ganesh Green Bharat won the power purchase agreement (PPA) tender from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 9 MW of power to the Maharashtra government for the tenure of 25 years under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a government scheme for solar energy implementation.
The company participated in a competitive bidding process, submitting the required technical and financial documents. They received a formal Letter of Award on October 9, 2024, which confirms their selection as the solar power developer.
The electricity generated will be sold at a fixed rate of Rs. 3.08 per unit for 25 years. Over this period, the project is expected to generate around 45.16 Crore units of electricity, potentially yielding approximately Rs. 139 Crore in revenue.
Financials:
The company reported revenues of Rs. 170 Crores in FY 2024, up from Rs. 90 Crores in FY 2023, resulting in 89% year-on-year growth, and net income for the same period increased from Rs. 8.1 Crores to Rs. 21.8 Crores, resulting in 170% growth in net income.
Shareholding Pattern:
As of the June quarter, shareholding pattern the company promoters own 73.42% stake, while Foreign institutional investors own 5.11% of the company, Domestic institutional investors own 1.78% of the company, and the retail investors hold 19.69% stake in the company.
About the Company:
Ganesh Green Bharat Limited is in the business of the supply, installation, testing, and commissioning of solar, water supply, and electrical goods and services to various
government bodies and industries . Additionally, the company is focused in the business of solar panel and Li-ion battery manufacturing.
Ganesh Green Bharat Limited aims to provide sustainable and technologically advanced solutions to meet the diverse needs of its clients while contributing to broader environmental goals.
Written By: Arvind jv
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