Alpex Solar Achieves Remarkable Growth and Announces New Subsidiary

Alpex Solar Limited (NSE Emerge: ALPEXSOLAR), India’s leading manufacturer of solar systems, has announced a stellar financial performance for the fiscal year 2024. This marks the first time Alpex Solar has released its financial results following its successful listing on the NSE Emerge platform on February 15, 2024. The company has also announced the incorporation of a new subsidiary, highlighting its ongoing expansion and strategic growth.

Outstanding Financial Performance

Alpex Solar’s financial results for FY24 showcase an impressive growth trajectory. The company’s net profits surged by an astounding 680%, from Rs. 3.72 crore in FY23 to Rs. 29.05 crore in FY24. Operational revenues also saw a significant increase, rising 121% from Rs. 182.69 crore in FY23 to Rs. 404.43 crore in FY24. The EBITDA for FY24 was Rs. 37.58 crore, marking a 206% increase from Rs. 12.26 crore in the previous fiscal year.

This exceptional performance can be attributed to high demand for solar panels, enhanced operational efficiencies, and economies of scale, all of which contributed to improved margins and a robust order book. In March 2024, Alpex Solar secured multiple orders worth Rs. 43.70 crore in Haryana under the PM-KUSUM scheme. Additionally, the company has been empanelled and approved for the installation of solar water pumps in Rajasthan.

H2FY24 Performance Highlights

The company’s performance in the second half of FY24 was particularly noteworthy. Operational revenues for H2FY24 stood at Rs. 199.84 crore, compared to Rs. 204.59 crore in H1FY24. Despite the slight dip in revenues, net profits nearly doubled, reaching Rs. 19.02 crore in H2FY24, up from Rs. 10.03 crore in H1FY24. The EBITDA for H2FY24 was Rs. 23.24 crore, compared to Rs. 14.34 crore in H1FY24, demonstrating continued operational efficiency and profitability.

Strategic Insights and Future Prospects

Ashwani Sehgal, Managing Director of Alpex Solar Limited, expressed his satisfaction with the company’s robust financial performance. “We are elated to have registered such strong financial results. We believe the Indian solar era has just begun, and as one of the leading players in photovoltaic cells and solar pumps, we are experiencing a definitive push from both the public and private sectors towards embracing greener and more sustainable energy sources.”

Sehgal also highlighted the company’s strategic focus following its successful public listing. “Our successful public issue marks a new level of growth for Alpex. We remain committed to 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 through our results.”

Incorporation of New Subsidiary

In a strategic move to optimize its supply chain and enhance competitiveness, Alpex Solar announced the incorporation of a new subsidiary, ALPEX GH2 PRIVATE LIMITED. Additionally, the company is in the process of incorporating another subsidiary. These new entities will play a crucial role in bolstering Alpex’s market position and operational capabilities.

Additional Developments and Future Plans

Alpex Solar’s recent achievements extend beyond financial performance. 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 under the PM-KUSUM scheme.

Moreover, the Board of Directors has approved the allotment of approximately 7 acres of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) in Mathura. This land will be used to set up a new manufacturing facility for solar panels and modules, as well as a plant for the Aluminum Frame Project, which is being relocated from its originally planned site due to space constraints.

Alpex Solar’s product portfolio includes PV modules utilizing monocrystalline and polycrystalline cell technologies. The company offers a comprehensive range of solar energy solutions, including bifacial, mono-perc, and Halfcut solar PV modules, as well as engineering, procurement, and construction (EPC) services for AC/DC solar pumps in both surface and submersible categories.