The shares of a leading solar energy solution provider rose around 2 percent to ₹ 820 per share after the company received an order worth ₹18.67 crore for executing solar power projects.
At 1:02 p.m., Oriana Power Limited shares were trading at ₹785 per share, down 2.24 percent from the previous close price on the exchange. The company has a market capitalization of ₹1,506 crore.
According to the company’s exchange filing, the company received a contract worth ₹ 18.67 crore for the development of a solar power plant with a capacity of 6.7 MW under the Engineering Procurement and Commissioning (EPC) segment from a textile industry in Sihore, Madhya Pradesh. The project is scheduled to be completed in the financial year 2024-25.
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 78 percent in the last three months and 64 percent on a year-to-date basis.
The company’s revenues have jumped by 10 percent year on year from ₹ 124 crores in FY 21-22 to ₹136 crores in FY 22-23, while net profit has increased by 57 percent during the same period from ₹ 7 crore to ₹11 crore.
As of the previous fiscal year, the company had implemented more than 70 solar projects in more than 25 locations across the country. While the company has delivered more than 100 MW of power.
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.
In terms of geographical revenue distribution for the fiscal year 2022, the company’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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