Operational revenues up 29.6% to Rs. 265.13 crore in H1FY25
EBITDA up 2.6 times to Rs. 37.06 crore in H1FY25 as compared to Rs. 14.03 crore in H1FY24
Margins clock impressive growth both at EBITDA & PAT levels
EPS for H1FY25 stood at Rs. 10.24 – up 1.84 times as compared to Rs. 5.57 in H1FY24
Delhi, November 13, 2024: Alpex Solar Ltd (ALPEXSOLAR), a leading manufacturer of high-precision solar PV modules and solar systems, announced its robust financial results for the half-year ending September 30, 2024.
| H1FY25 | H1FY24 | YoY (%) | H2FY24 | HoH (%) | FY24 | H1FY25 vs FY24 (%) | |
|---|---|---|---|---|---|---|---|
| Income from Operations | 265.13 | 204.59 | 29.6 | 199.84 | 32.7 | 404.40 | 65.6 |
| Total Income | 265.66 | 204.90 | 29.7 | 200.43 | 32.5 | 405.30 | 65.5 |
| EBITDA | 37.06 | 14.03 | 164.1 | 22.65 | 63.6 | 36.68 | 101.0 |
| EBITDA Margin (%) | 14.0% | 6.9% | - | 11.3% | - | 9.1% | 154.1 |
| Depreciation | 2.26 | 0.94 | 140.4 | 1.68 | 34.5 | 2.62 | 86.3 |
| Finance Cost | 2.63 | 3.12 | -15.7 | 2.84 | -7.4 | 5.96 | 44.1 |
| PAT | 25.07 | 10.03 | 150.0 | 19.02 | 31.8 | 29.05 | 86.3 |
| PAT Margin (%) | 9.4% | 4.9% | - | 9.5% | - | 7.2% | 131.4 |
| EPS (Rs.) | 10.24 | 5.57 | 83.8 | 9.69 | 5.7 | 15.45 | 66.3 |
H1FY25 vs. H1FY24 performance (standalone basis)
For the half-year ended September 30, 2024, Alpex Solar recorded operating revenues of Rs. 265.13 crore, up from Rs. 204.59 crore in the same period last year (H1FY24), reflecting a solid 29.6% growth. The company's net profit more than doubled to Rs. 25.07 crore, compared to Rs 10.03 crore in H1FY24. EBITDA registered a 2.6times increase at Rs. 37.06 crore in H1FY25, underscoring improved operational efficiency and margin expansion.
H1FY25 vs. H2FY24 performance (standalone basis)
The company's operational revenues for H1FY25 increased by 32.7% on a HoH basis, while its EBITDA increased by 63.6% compared to H2FY24. In terms of margins, the company registered a 270 basis point increase at the EBITDA level, while at PAT levels, it clocked similarly in H1FY25 over H2FY24.
Commenting on the financial results, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “We are happy to translate the promise into performance as visible through the numbers. At Alpex, H1FY25 has strategically led us to the next level – marking our transformative journey from a solar panel manufacturer to a potentially integrated cell-to- solutions player in the coming years. Our numbers reflect the capability and dedication of the teams to create, nurture and enhance the stakeholder value. In the coming quarters, a new Alpex is set to evolve, with deeper integration, a wider product portfolio, and a diverse presence within the renewable energy space.”
Key developments during H1FY25
Future Forward: The capacity expansion as per IPO objectives of 1.2 GW by FY25 is underway at the company’s Greater Noida facility. The company has already completed 900 MW, and the balance of 300 MW will come onstream by December 2024.
The company has announced plans to double its solar module capacity to 2.4 GW by adding 1.2 GW to its existing capacity. The second facility is being developed in Kosi Kotwan, Mathura, where an integrated mega-complex will be built on a seven-acre plot. The Company has also purchased a land measuring 17846.63 sq/mtr adjacent to the Company’s existing property at Plot No. A-2/2, Industrial Area, Kosi Kotwan Extn-II, Mathura, Uttar Pradesh.
Solar cell manufacturing: Alpex Solar also kickstarted its ambitious three-stage plan of creating a 1.6 GW capacity for solar cell manufacturing at the Kosi Kotwan facility. In the first phase, a 500 MW capacity would be produced at the facility by October 2025. In the second phase, the capacity will reach 1,000 MW by April 2026; in the third phase, it will reach 1.6 GW by September 2026. The facility will manufacture the cells utilising MonoPERC and n- Type TopCON cell technology. The total estimated project cost for cell manufacturing would be Rs. 642 crore, which will be funded through internal accruals, equity, and debt.
Aluminium Frames Manufacturing: Alpex Solar is the first green energy company to announce backward integration by installing an aluminium frame manufacturing plant. The company is heavily investing in expanding the manufacturing of the aluminium frames required for solar modules. Phase one has been successfully completed, and the cutting line is now operational at the Greater Noida plant. The remaining two phases will be implemented at the Kosi Kotwan plant, with full completion expected by FY25, bringing the total capacity to 12,000 tons per year.
Recent Order Wins: In October, the company won two orders worth Rs 525.15 crore from leading PSU companies for solar modules. In November, it won a fresh order worth Rs 34.51 crore for solar pumps. The contract is for the supply of 1,141 solar pumps to the Haryana Renewable Energy Department (HAREDA) under Component-B of the PM-KUSUM scheme. In two months, the company won orders worth Rs 559.66 crore.
Market Expansion Initiatives: The company will strengthen its presence in key international markets, contributing significantly to revenue growth. Keeping this aim in mind, in September, the company participated in RE+ 2024, a global renewable energy industry event at the Anaheim Convention Center in California, to explore various partnerships with other international companies. The company also appointed Mr. Gaurav Bector as the Global Head of its EPC (Engineering, Procurement and Construction) business effective from 01st July 2024, to boost its plans to expand its footprint in overseas markets and grow the EPC business.