The shares of a leading renewable energy solution provider rose around 5 percent to ₹2,690 per share after the company received a work order to set up a 25 MW solar power plant from a real estate company.
At 10:50 a.m., Oriana Power Limited shares were trading at ₹2,654 per share, up 3.59 percent from the previous close price on the exchange. The company has a market capitalization of ₹5,091 crore.
What News: According to the Oriana Power exchange filing, Oriana Power has secured an order to set up a 25 MWp Captive Solar Power Plant under the Group Net Metering (GNM) Policy in Delhi for a renowned real estate company.
The project includes underground cabling up to 10 km and the establishment of a 66kV substation to serve three GNM users, along with the development of a bay extension at the substation end.
Additionally, Oriana Power received an order worth ₹13.19 crores to execute a 4 MWp solar power project for the cement industry in West Bengal.
In March, the company received a contract worth ₹18.67 crores to develop a 6.7 MW solar power plant under the Engineering Procurement and Commissioning (EPC) segment for a textile industry in Sihore, Madhya Pradesh
About the company: Oriana Power Limited provides solar energy solutions to industrial and commercial customers. The company is involved in on-site solar project installations, i.e., rooftop and ground-mounted systems, and off-site solar farms, i.e. Open access.
Oriana Power Ltd’s shares have gained 440 percent in the last six months and 707 percent in the last 12 months.
Financials: The company’s revenues have jumped by 181 percent year on year from ₹136 crores in FY 22-23 to ₹383 crores in FY 23-24, while net profit has increased by 390 percent during the same period from ₹11 crores to ₹54 crores.
The company has established 17 subsidiary entities dedicated to various solar power projects, facilitating the management of diverse solar initiatives. Noteworthy clients of the company encompass prominent names such as Hero Motocorp, Hindustan Petroleum, JK Laxmi Cement Limited, Mrs. Bectors, and others.
As of March 1, 2024, the company has a strong order book valued at ₹900 Crores. On April 24, the company received a new order for a 76.62 MW (AC) Solar Power Plant from Jodhpur Vidyut Vitran Nigam Limited in Churu, Rajasthan.
Regarding geographical revenue distribution, Oriana Power’s earnings were as follows: 60.5% from Uttar Pradesh, 8% from Rajasthan, 5% from Haryana, 7.5% from Uttarakhand, and 2% from Andhra Pradesh.
Written by Omkar Chitnis
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