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Nextracker Primed For India Growth With 4.5 GW Order Book, 10 GW Capacity
US based solar tracker firm Nextracker, in its first earnings announcement since turning a completely independent firm has delivered a stellar set of results.
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Nextracker’s adjusted earnings before inflation, taxes, depreciation and amortisation (EBITDA) in Q3 FY24 reached US$168 million, more than doubling over the EBITDA in the last 12 months with a 168% year-on-year (YoY) growth. The company adds that tax benefits from 45X were not included in Q3’s EBITDA, which will further bump up these numbers.
Revenue was up with US$710 million in Q3, a 38% YoY growth. CEO Dan Shugar also increased the firm's annual financial targets for the third consecutive quarter.
In a video highlighting the quarter's numbers, Shugar made a special mention of two key developments in its home market- After decades of ~1% annual growth in generating capacity, the U.S. is projected to require almost 5% annually increasing power plant capacity, according to the U.S. Energy Information Administration (EIA). EIA’s projections show that about 300 GW will be required over the next five years, and 500 GW over the next decade. Furthermore, EIA is forecasting that solar will grow much faster than any other energy source, with a 26% CAGR over the next 5 years – with solar becoming the #1 source of energy in the U.S. within a decade. Second is the impact of the incentives under the IRA (Inflation reduction act), which have truly galvanised the market with a lot more participants including developers and IPPs.
Nextracker reached a significant milestone with over 10 gigawatts of projects across India, the Middle East, and Africa with new projects in New Zealand, South Africa, and Sweden. Shugar mentioned that today the firm operates in 30 countries with over two million tracker systems and more than 70 major suppliers across five continents.
With the recent launch of its next-generation technology suite, including NX Horizon Hail Pro, NX Horizon XTR-1.5, and Zonal Diffuse, the firm is set to continue on the new, faster growth path in 2024-25 as well.
