The shares of this micro-cap solar energy company surged 6.72% after it received work order worth Rs. 19.99 crores from Jilla Parishad Nandurbar, Maharashtra. These orders encompass the design and maintenance of solar water pumps.
Share price variations:
With a market capitalization of Rs. 730.84 crores, the shares of Sahaj Solar Ltd opened the trading session at Rs. 666.00 nearly matching the previous day’s close of Rs. 665.25 per share. The shares climbed to an intraday high of Rs. 710.00, reflecting a 6.72% increase from the previous close. At 2:17 pm the share was trading at Rs. 685.00 reflecting a 2.97% gain compared to the previous day’s close.
Reason for Rise:
According to exchange filings, Sahaj Solar Ltd has secured a work order for the installation of a 1 HP solar dual drinking water pump under the Jal Jeevan Mission from Jilla Parishad Nandurbar, Maharashtra, valued at Rs. 19.99 crores. The order encompasses the design, manufacture, supply, transport, installation, testing, commissioning, and maintenance of the solar pumps, with a project duration of 12 months.
Financial Performance:
For FY24 the company reported a net profit increase of 106.32 % to Rs. 13.37 crores compared to Rs. 6.48 crores in FY23, while revenue from operations marked an increase by 8.52% to Rs. 201.17 crores from Rs. 185.36 crores in comparison to the same period.
The company achieved a return on equity of 54.06% for FY2024, with approximately 70% of its revenue coming from the sale of solar plumbing systems and nearly 27% from the sale of PV modules.
Recent Orders Received:
In the month of August the company received an order from Dakshin Gujarat Vij Co. Ltd. for an order value around Rs. 16.03 crores and an order from Maharashtra Energy Development Agency for an order value of around Rs. 48.22 crores. Both orders encompasses the design, manufacture, supply, transport, installation, testing, commissioning, and maintenance of off – Grid Standalone Solar Photovoltaic Water Pumping Systems.
Recent Developments:
As a recent entrant to the Indian stock market, the company raised Rs. 48.61 crores in July to support its working capital needs and for general corporate purposes.
About the company:
Incorporated in 2010, Sahaj Solar Ltd is an IEC-approved and MNRE-recognized solar panel manufacturer in India, with offices across India and Africa. The company boasts a solar PV module manufacturing capacity of 100 MW at its plant in Bavla, Ahmedabad, Gujarat.
Sahaj Solar specializes in crystalline photovoltaic technology for solar PV module production, design and manufacturing of solar water plumbing systems and offers expertise in system design, engineering, procurement, and construction (EPC) services.
Along with its three subsidiaries the company provides services to both government players like MGVCL, DGVCL, PGVCL, GEDA, HAREDA, MEDA, Maharashtra State Electricity Distribution co. Ltd and private players like Mahindra Susten Private Limited, Mahindra Solarize Private Limited, Secured Meters, Eglo, Shekhani Industries, Nuvoco Cements (Lafarge Cements), Tenneco, Valeo, Rotomag, Premier Solar and Iron Mountain.
Written By: Joseph Pv
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