Alpex Solar Net Profit Increases 680% YoY After IPO

Alpex Solar Limited has released its yearly financial statements since its successful IPO on February 15, 2024, is this year. Net earnings for the company increased by 680 percent from INR 3.72 crore in FY23 to INR 29.05 crore in FY24. Operational revenues for the company increased to INR 404.43 crore from INR 182.69 crore in FY23, a 121 percent increase.

From INR 12.26 crore in FY23 to INR 37.58 crore in FY24, EBITDA increased by 206 percent. Increased efficiency, a healthy order book, and the strong demand for solar panels were the main drivers of this performance. The Greater Noida-based business used the PM-KUSUM program to gain several deals in Haryana totaling INR 43.70 crore in March 2024.

Ashwani Sehgal, Managing Director of 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 further added, “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.”

In H2FY24, Alpex Solar’s operational revenues stood at INR 199.84 crore, slightly down from INR 204.59 crore in H1FY24. However, net profit nearly doubled to INR 19.02 crore in H2FY24 from INR 10.03 crore in H1FY24. EBITDA increased to INR 23.24 crore in H2FY24, up from INR 14.34 crore in H1FY24.

Alpex Solar has declared the creation of ALPEX GH2 PRIVATE LIMITED, a new subsidiary, and has intentions to add another that is presently going through the incorporation process. For Alpex to improve its competitiveness and optimize its supply chain, these subsidiaries will be essential.