Share price of this small-cap green energy stock hit a new 52-week high on BSE at Rs. 1,459.5 in the trading session of Thursday, after announcing the signing of an MoU to expand solar module capacity for an investment of Rs. 70 crore.
With a market capitalisation of Rs. 1,167.6 crore, the shares of Solex Energy Limited hit a 5% upper circuit and closed in the green at Rs. 1,459.5, compared to its previous closing price of Rs. 1,390.
According to the recent regulatory filings with the NSE, Solex Energy Limited signed an MoU with GMEE SC SOLAR and ATW for an expansion plan of 800 M.W of solar module production capacity by the end of Q2 FY24-25, with an investment of Rs. 70 crore.
The company’s existing plant has a capacity of 700 MW (existing capacity utilisation of 85 percent); with the proposed capacity addition of 800 MW, the plant’s total solar module manufacturing capacity will increase to 1.5 GW.
The mode of financing for the capacity expansion is through Equity from Promoters & Non-Promoters and Debt from the Bank.
Further, the expansion is aligned towards Solex’s vision for FY25-26 to expand its production capacity to 4.5 GW, catering to the growing global demand for high-quality Made in India modules for the world.
Earlier on 30th April, Solex received a work order from Radhadarshan Petropack LLP, Surat for the installation of Solar Ground Mount Power Plant for Rs. 10.22 crore, to be completed within 6 months.
In terms of financials, the company reported a decline in the revenue from operations by 34 percent from Rs. 141.12 crore in H2 FY22-23 to Rs. 93.04 crore in H1 FY23-24, accompanied by a fall in the net profit by 77.2 percent from Rs. 3.2 crore to Rs. 0.73 crore during the same period.
As of March 2024, the Promoters hold 70.66 percent equity share, while the Public holds 29.34 percent in the company.
Founded in 1955, Solex Energy Limited provides a diverse product range including Monofacial and Bi-facial modules across various power capacities.
Headquartered in Gujarat, the company stands as a prominent solar photovoltaic module manufacturer with the capability to produce modules using advanced MONO PERC and TOP-Con technology.
Written by Shivani Singh
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