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Oct 19, 2024

Solar energy stock jumps after receiving order worth ₹7.66 Cr for solar street light system  - Trade Brains

by Trade Brains | Oct 4, 2024 | 12:08 pm | News, Trending News | 0 comments Solar Energy stock engaged in manufacturing solar photovoltaic modules and providing turnkey solar solutions in focus upon

by Trade Brains | Oct 4, 2024 | 12:08 pm | News, Trending News | 0 comments

Solar Energy stock engaged in manufacturing solar photovoltaic modules and providing turnkey solar solutions in focus upon receiving a new work order worth Rs. 7.66 Crores from District Panchayat Raj.

With a market capitalization of Rs. 1,782 Crores, the shares of Solex Energy Limited were trading at Rs. 1,650.25 per equity share, down 0.7 percent from its previous day’s close price of Rs. 1,661.80.

Solex Energy Limited has received a new work order from the District Panchayat Raj Officer, Madhepura for the Comprehensive Maintenance Contract for 5 years including Remote Monitoring System (RMS) of the Smart Solar Street Light System for a consideration of Rs. 7.66 Crores.

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In Addition, Solex Energy Limited has recently received a new work order from Zodiac Energy Limited, Ahmedabad for the supply and installation of 40 MWp Solex Mono Perc Bifacial Solar Modules for a consideration of Rs. 51.97 Crores and it should be completed within 6 months.

Also as part of its 2030 vision, it has announced investments exceeding Rs. 8,000 Crores for advancing towards solar technology and scaling operations, positioning the company as a fully integrated solar player.

Solex Energy Limited is engaged in the manufacturing of solar photovoltaic modules and providing turnkey solar solutions across different segments, such as solar power plants, solar water pumps, utility-scale ground-mounted solar power plants, and many others. It has a 1.5 GW solar module manufacturing capacity.

It has a strong clientele base with well-known players like Indian Oil Corporation Limited, Torrent Power, Oil & Natural Gas Limited, Amul, Taj, Indian Post, Indian Institute of Management, NPCIL, and many others.

Solex Energy Limited is undergoing Brownfield expansion to achieve a target capacity of 4.0-4.5 GW for Solar Module Manufacturing & exploring expansion into cell manufacturing for 2 GW.

Its revenue from operations grew by 127 percent from Rs. 161 Crores in FY23 to Rs. 366 Crores in FY24, accompanied by profits of Rs. 3 Crores to Rs. 9 Crores.

In terms of Return ratios, it has delivered a return on equity(ROE) of 20.8 percent and a return on capital employed (ROCE) of 17.9 percent. It has maintained a debt-to-equity ratio of 2.08

Written by: Bharath K.S

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