New Delhi, Mar 17 (PTI) High-end speciality chemicals and polymers producer Vikas EcoTech expects an improvement in its bottom line in the coming quarters as its solar power capacity will help reduce energy cost by around 33 per cent, the company said on Thursday.
The New Delhi-based company is increasing its solar power generating capacity by 172 Kwp to 462 Kwp at its facilities at Shahjahanpur in Rajasthan by investing Rs 1.05 crore.
The increased solar power capacity will help cut costs by more than half a percentage point and improve the bottom line, the company said in a statement.
The company’s power cost is around Rs 1.8 crore per annum, and the solar capacity will help it save Rs 50 lakh per annum, it said.
Power generated by the solar system is relayed to the local grid and the same is deducted from the electricity bill by the distribution company, it explained.
The company, which targets electrically self-sufficient manufacturing units by 2025, had reported a revenue of Rs 75.69 crore in the October-December quarter of 2021.
Shares of the company rose by 4.12 per cent to Rs 6.06 apiece on BSE on Thursday. PTI RR BAL
