the shares of the leading clean energy solution provider hit 5 percent upper circuit of Rs 40.37 apiece after the company signed a joint venture agreement to set up an electric vehicle charger manufacturing unit.
with a market capitalization of Rs 29.11 crore, the shares of Epic Energy Ltd were trading at Rs 40.37 per share, increasing around 2 percent as compared to the previous closing price of Rs 39.58 apiece.
Reason for rise:-
Today, the company shares have seen bullish movement after Epic Energy Ltd signed a joint venture agreement with Fenfeo Automotive Private Limited, Coimbatore to set up an electric vehicle charger manufacturing unit in Coimbatore with an installed capacity of 15,000 Chargers per annum.
Moreover, in this agreement, EPIC owns 76 percent of the Equity, and Fenfeo owns 24 percent of the Equity. The JV Agreement also anticipates expanding the initial installed capacity across multiple locations in India depending on the market’s demands.
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About JV company:-
Fenfeo produces and markets ARAI-approved EV chargers under the “RapidEVChargeE” brand from its Coimbatore site, with an annual capacity of 1,500 chargers. Fenfeo has sold 600 AC and 100 DC chargers to consumers in South India.
Management comment:-
Nikhil Morsawala, CFO of EPIC said, “We have estimated a modest outlay of Rs 500 lacs in this JV inclusive of CAPEX and OPEX. This will enable us to roll out 15,000 Chargers per annum. Fenfeo has an impressive pipeline with original EV manufacturers that can be exploited once we have the JV facility up and running by early 2025. On a full-year basis, this JV should conservatively generate gross revenues of Rs 15 crores per annum at 80 percent capacity utilisation.”
Financial performance:-
Analyzing the company’s financial condition, Epic Energy Ltd’s revenue increased by 9 percent from Rs 0.58 Crore in Q1FY24 to 0.63 Crore in Q1FY25. During the same time frame, net profits magnified by 67 percent from Rs 0.09 crore to Rs 0.15 crore.
India EV Charger Market:-
According to Bloomberg, by 2030, 33% of all vehicles sold in India will be electric, putting significant pressure on the public and private sectors to establish reliable charging infrastructure.
Additionally, Bloomberg NEF predicts that India will need 2.9 million public charging outlets by 2030, requiring a USD 6 billion investment to meet the growing EV use. The EV charging infrastructure industry is predicted to increase at a CAGR of over 50% throughout this time.
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Company snapshot:-
EPIC Energy Limited is an India-based firm that provides comprehensive energy management solutions to its clients. The company works in two segments: Power Saving Solutions and Renewable Energy Solutions.
Written by:- Abhishek Singh.
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