Shares of this micro-cap company jumped around 3 percent in Friday’s trading session after receiving an order from Gujrat Government. The shares have delivered a multibagger return of 115 percent to its shareholders in one year.
With a market capitalization of Rs. 142 crores, the shares of Ahasolar Technologies Ltd started Friday’s trading session on a higher note at Rs. 461.80 compared to its previous close of Rs. 447.50. During the trading session, the shares hit a high of Rs. 467, gaining around 3 percent and are currently trading at Rs. 459 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had received a work order for the Detailed Feasibility Report(DFR) and Detail Project Report(DPR) of Solar Park for Ground Mounted Solar Photovoltaic grid-connected Power Plant Project of 500 MW capacity in the Harshad district, Banaskantha, Gujarat from Gujarat State Electricity Corporation Limited (GSECL). The service is priced at around Rs. 25 lakhs and the project is expected to be up to 19 months.
Coming onto the company’s financial statements, the revenue zoomed by 21 percent from Rs. 17.30 crores during FY21-22 to Rs. 20.87 crores in FY22-23. In addition, the net profits magnified by 103 percent from Rs. 79 lakhs to Rs. 1.60 crores during the same timeframe.
Earlier, on February 9, 2024, the company received a Work Order for Data Collection for Distributed Solar connected to the Distribution Grid from PGVCL (Gujarat) and Indore (Madhya Pradesh) DISCOM for Pilot Demonstration and Design of Framework for the National Registry of Solar Rooftop PV (SRTPV) from India Smart Grid Forum (ISGF) worth Rs. 25 lakhs.
Looking at the company’s important financial ratios, the return on equity was recorded at 65.71 percent during FY22-23 and the return on capital employed stood at 56.63 percent. Furthermore, the net profit margin was at 7.67 percent during FY22-23.
According to the latest shareholding pattern, the Promoters have 36.95 percent of stakes and the remaining 63.04 percent of shares are with the retail investors.
Headquartered in Gujarat, Ahasolar Technologies was incorporated in 2017. It is a renewable energy technology company that specializes in solar energy solutions. The company operates in the space of climate change, renewable energy, and digital technology.
Written By Vaibhav Patil
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