In Friday’s trading session, the shares of a leading pioneer in Solar Photovoltaic (PV) Module manufacturing in India surged by 10 percent to hit a new 52-week high at Rs. 1,919.1, after the Board of the company approved the issue of bonus shares in 1:4 ratio.
At 10:23 a.m., the shares of Solex Energy Limited were trading in the green at Rs. 1,878, up by 7.6 percent, compared to its previous closing price of Rs. 1,744.65, with a market cap of Rs. 1,502.4 crores.
What’s the News:
According to the latest regulatory filings with the National Stock Exchange (NSE), the Board of Solex Energy approved the recommendation of issuance of Bonus Shares to the shareholders of the company in a 1:4 ratio.
This means that, the shareholders will receive 1 new bonus equity share of the face value of Rs. 10, for every 4 existing equity shares held. The record date for this issuance will be declared in due course.
Further, the Board also announced the Migration of Company from NSE Emerge (SME Platform) to the Main Board Platform of National Stock Exchange of India Limited (NSE).
Also read
Previous News:
On 6th August, Solex Energy Limited received a work order, worth Rs. 7.36 crores, from the District Panchayat Raj Officer, Bihar, for a Comprehensive Maintenance Contract (CMS for 5 years) including a Remote Monitoring System (RMS) of Smart Solar Street Light System.
Financials:
Financially, the company experienced significant growth in its revenue from operations, showing a year-on-year rise of 126.3 percent from Rs. 161.7 crores in FY22-23 to Rs. 366 crores in FY23-24.
Similarly, its net profit increased during the same period from Rs. 2.7 crore to Rs. 8.7 crore, indicating a growth of 222.2 percent YoY.
The significant growth in revenue and profits reflects the company’s strategic investments in expanding operational capabilities and market presence. Additionally, strong expenditure control has also led to improved margins.
In FY23-24, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged by 151 percent year-on-year to Rs. 28.4 crores, up from Rs. 11.3 crores in FY22-23. The EBITDA margin improved to 7.76 percent from 7 percent over the same period.
Driven by robust product demand, Solex Energy has embarked on an expansion to 1.5 GW, with plans to scale up to 4.5 GW and venture into cell manufacturing within the next 2-3 years.
About the company:
Founded in 1995, Solex Energy Limited is engaged in the business of manufacturing of solar photovoltaic modules along with providing turnkey solar solutions across different segments like solar power plants, solar water pumps, and utility-scale ground-mounted solar power plants.
Written by Shivani Singh
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