Operational revenues up 121% to Rs. 404.43 crore in FY24
EBITDA up 206% to Rs. 37.58 crore in FY24 as compared to Rs. 12.26 crore in FY23
EPS for FY24 stood at Rs. 15.45 – up 148% as compared to Rs. 6.21 in FY23
The company’s shares were listed on NSE Emerge on February 15, 2024, and raised Rs. 74.52 crore for funding growth capex and working capital
Delhi, May 28, 2024: Alpex Solar Limited (NSE Emerge: ALPEXSOLAR), India’s leading manufacturer of solar systems, announced its annual financial results. It was the first time Alpex announced its financial results after a successful listing on February 15, 2024.
FY24 vs. FY23 performance (standalone basis)
The company's net profits increased by 680%, from Rs. 3.72 crore in FY23 to Rs. 29.05 crore in FY24. The company’s operational revenues increased to Rs. 404.43 crore, up 121% from Rs. 182.69 crore in FY23. EBITDA surged by 206% from Rs. 12.26 crore in FY23 to Rs. 37.58 crore in FY23. The performance was headlined by high demand for solar panels, better efficiencies and scale, leading to improved margins and a robust order book. In March 2024, Greater Noida-based Alpex Solar also bagged multiple orders worth Rs 43.70 crore in Haryana under the PM-KUSUM scheme. The company is also empanelled and approved for the installation of solar water pumps in the state of Rajasthan.
H2FY24 vs. H1FY24 performance (standalone basis)
The company's operational revenues for H2FY24 stood at Rs. 199.84 crore as against Rs. 204.59 crore in H1FY24. However, the company’s net profit nearly doubled to Rs. 19.02 crore in H2FY24 as compared to Rs. 10.03 crore in H1FY24. The company’s EBITDA stood at Rs. Rs. 23.24 crore in H2FY24 as compared to Rs. 14.34 crore in H1FY24.
Commenting on the financial results, Ashwani Sehgal, Managing Director, Alpex Solar Limited, said, “We are elated to have registered a robust financial performance. We believe the Indian solar era has just begun, and being among the leading players in photovoltaic cells and solar pumps, we are experiencing a definitive push from both the public and private sectors to embrace greener and more sustainable sources of energy across the board.”
“We have also entered a new level of growth with our successful public issue and continue to focus on creating value for our stakeholders through a powerful blend of sectoral expertise, world-class technology, a reputed brand and a long-standing trusted clientele. For Alpex, we continue to shine on through our results too”, further added Mr. Sehgal.
New subsidiary
The company also announced the incorporation of its new subsidiary, ALPEX GH2 PRIVATE LIMITED. Additionally, the company plans to add another subsidiary that is currently undergoing the incorporation process. These subsidiaries would be crucial for optimising Alpex’s supply chain and enhancing its future competitiveness in the industry.
Other developments In April 2024, the company received prestigious orders from the Jharkhand Renewable Energy Development Agency for the supply, installation, and commissioning of 500 solar water pumping systems. The orders were received under the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan Yojana (PM-KUSUM Scheme).
In March 2024, Alpex also bagged multiple orders worth Rs 43.70 crore in Haryana under the PM-KUSUM scheme. The company was also empanelled and approved for the installation of solar water pumps in the state of Rajasthan. Besides, the Board of Directors of Alpex Solar also accorded consent to the allotment of 25,873.27 sq. mtr. (~7 acres) of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) at Kosi Kotwan (on National Highway 19) in Mathura at an estimated sum of Rs 15.04 crore. The land parcel would be used to set up a manufacturing facility for solar panels and modules. This land would also be used for establishment of a new plant for the Aluminum Frame Project, being relocated from the originally planned site due to inadequate space.
The company manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono-perc, and Halfcut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC Solar Pumps in both Surface and Submersible categories.