Alpex Solar Clocks 680% Growth In Net Profits To Rs 29.05 Cr In FY24

Alpex Solar, manufacturer of solar systems, on Tuesday said its net profits increased by 680 per cent, 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 per cent from Rs 182.69 crore in FY23.

The EBITDA surged by 206 per cent 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, 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.

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.”

He added, that 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. 

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 23.24 crore in H2FY24 as compared to Rs 14.34 crore in H1FY24.