Shares of this smallcap company locked 5 percent upper circuit after receiving an order worth Rs. 155 crores for a 40 MWp solar power plant under the Captive Segment. In just three months, the stock has delivered a multi-bagger return of 112 percent to its shareholders.
Price Movemnet:
With a market capitalization of Rs. 4,615 crores, the shares of Oriana Power Ltd started Thursday’s trading session on a higher note at Rs. 2,399 compared to its previous close of Rs. 2,293.80. Within a few minutes of the opening bell, shares clocked a 5 percent upper circuit at Rs. 2,408.45 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had received a new order worth Rs. 155 crores for a 40 MWp solar power plant under the Captive Segment.
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The scope of work of the company will be engineering, procurement and construction, commissioning, operation and maintenance of the solar power plant. Further, the time period by which the order is to be executed is nine months, while the operation and maintenance period is 25 years from the commissioning date.
Financials:
Looking at the company’s financial statements, 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.
Recent Developments:
Earlier, the company secured an order for a 25 MWp Captive Solar Power Plant under the Group Net Metering (GNM) Policy in Delhi. The project included the construction of a 10 km underground transmission line(double circuit), demonstrating our capability to undertake large-scale infrastructure projects.
Order Book:
The business pipeline currently exceeds more than 600 MWp solar (consisting of EPC and RESCO IPP) and more than 30 Ton CBG projects that are poised for execution. And are actively pursuing overseas opportunities in the Middle East region.
Future Outlook:
The management of Oriana Power anticipates a significant increase in FY25 topline performance, driven by robust demand in the renewable energy sector and a well-maintained order book. Moreover, the company has set an ambitious goal, with a target to achieve 1 GW capacity by 2026.
Company Profile:
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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