Shares of this smallcap company locked 10 percent upper circuit in Friday’s trading session after recording an increase in net profits by 750 percent QoQ. In just one month, the shares have delivered a multibagger return of 117 percent to its shareholders.
With a market capitalization of Rs. 3,544 crores, the shares of Oriana Power Ltd started Friday’s trading session on a higher note at Rs. 1,847.55, clocking 10 percent upper circuit compared to its previous close of Rs. 1,679.60 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced half-year and financial year ended on 31st March 2024 results. 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.
Comparing these metrics on a YoY basis, the revenue rose by 184 percent from Rs. 134.71 crores during FY22-23 to Rs. 382.87 crores in FY23-24. Furthermore, the net profits surged by 414 percent from Rs. 10.56 to Rs. 54.35 crores during the same timeframe.
Earlier, the company marked a significant milestone with the completion of a 29 MWp open-access solar power plant with a 66 KV switchyard for a premier steel industry client. Generating 464,893,200 kWh annually in Karnataka, this project significantly advances the company’s client sustainability goals by reducing CO2 emissions by 38,121 tons annually, equivalent to planting around 1.73 million trees.
Additionally, 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.
As per the recent data, Oriana Power’s order book stood at over 110 MW. Moreover, the company had an EPC order book of 65 MW to be executed by the end of the fiscal year. They also expect to complete two additional orders, a 0.65 MW ground-mounted project for a textile company at Panipat in Haryana and a 0.53 MW rooftop solar power project for a packaging company in Bengaluru by the end of FY24.
In terms of key financial metrics, the company reported a Return on Equity (RoE) of 46.8 percent and a return on capital employed (RoCE) of 27.1 percent for the period spanning FY22-23.
According to the latest shareholding pattern, Promoters have 61.41 percent of stakes in the company, the Public or Retail Investors have 35.48 percent of shares, FIIs have 1.17 percent holdings and the remaining 1.94 percent shares are with DIIs.
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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