Shares of this microcap company jumped up to around 3 percent in Thursday’s trading session despite receiving orders worth Rs. 11.90 crores from Jharkhand Government.
The stock was listed on the stock market on February 15, 2024, with a share price of Rs. 329, which represented a premium of 186 percent over the IPO price.
With a market capitalization of Rs. 924 crores, the shares of Alpex Solar Ltd started Thursday’s trading session on a higher note at Rs. 380 compared to its previous close of Rs. 376.40. During the trading session, the shares hit a high of Rs. 390, gaining around 3 percent and are currently trading at Rs. 374 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that had received orders for the supply, installation, and commissioning of 500 solar water pumping systems worth Rs. 11.90 crores from the Jharkhand Renewable Energy Development Agency. The orders were received under the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan Yojana.
Speaking on the new orders, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “The new order for supply, installation and commissioning of 500 Solar Water Pumping Systems from Jharkhand Renewable Energy Development Agency is a testimony to the company’s steadfast commitment to priorities the solar water pumps business and its proven track record. We aim to be one of the market leaders in this segment and are actively looking to expand our footprint across various regions of the country.”
Coming onto the company’s financial statements, the revenue increased by 17 percent from Rs. 166 crores during FY21-22 to Rs. 195 crores in FY22-23. On the other hand, the net profits showcased a transition from break-even levels to a net profit of Rs. 4 crores during the same period.
In March this year, Greater Noida-based Alpex Solar also bagged multiple orders worth Rs 43.70 crore in Haryana under the PM-KUSUM scheme. The company is also empanelled and approved for the installation of solar water pumps in the state of Rajasthan.
Recently, the Board of Directors of Alpex Solar also accorded consent to the allotment of 25,873.27 sq. mtr. (~7 acres) of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) at Kosi Kotwan in Mathura at an estimated sum of Rs 15.04 crores. The land parcel would be used to set up a manufacturing facility for solar panels and modules and would receive the due approval of all the authorities at an appropriate time.
Headquartered in New Delhi, Alpex Solar was incorporated in 1993. The company is a manufacturer of Solar panels using monocrystalline and polycrystalline cell technologies. Its solar panels are delivered with a specific focus on EPC companies such as Solarworld Energy Solutions Pvt Ltd, BVG India Limited, Tata Power, HAREDA, PEDA and many more.
Written By Vaibhav Patil
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