Shares of this solar energy solution-providing company jumped around 3 percent in Friday’s trading session after receiving multiple orders worth Rs. 8.09 crores for solar power projects. The shares have delivered more than 40 percent returns in just three months to its shareholders.
With a market capitalization of Rs. 1,498 crores, the shares of Oriana Power Ltd started Friday’s trading session on a higher note at Rs. 773 compared to its previous close of Rs. 761.45. During the trading session, the shares hit a high of Rs. 795.95, gaining 3 percent and are currently trading at Rs. 777 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had been awarded multiple orders aggregated to 2.4 MWp from the companies associated with the Packaging Industry, Manufacturing Industry and Paper Industry worth Rs.8.09 crores for executing Rooftop solar power projects under EPC segment of the company.
Earlier, on March 21, 2024, the company awarded a contract for the development of a solar power plant in Kerala and Tamil Nadu aggregating to 1.18 MWp from KSB Mil Controls Ltd under the RESCO segment of the company that will generate monthly recurring revenue for 15 years. Furthermore, with this project, the company forays into Kerala and Tamil Nadu.
Looking at the financial statement, the company’s revenue increased by 10 percent from Rs. 123.97 crores during FY 21-22 to Rs. 136.18 in FY 22-23. In addition, the net profit magnified by 57 percent from Rs. 6.96 crores to Rs. 10.93 crores during the same timeframe.
As of September 30, 2023, 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, and 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.
Coming onto the important financial ratios, the return on equity declined from 67.38 percent during FY 21-22 to 46.13 percent in FY 22-23. Furthermore, the return on capital employed decreased from 38.9 percent to 26.89 percent during the same period.
According to the latest shareholding pattern, Promoters have 61.41 percent of stakes in the company, the Public or Retail Investors have 31.89 percent of shares, FIIs have 2.75 percent holdings and the remaining 3.95 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
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
