Solex Registers 126% YoY Growth In Revenue From Ops In Fy23-24

Highlights :

  • Riding a booming market for solar module demand, Solex has delivered strong results, with expansion plans on the anvil.
Solex Registers 126% YoY Growth In Revenue From Ops In Fy23-24 Solex Registers 126% YoY Growth, With Rs. 3,659.2 Mn Revenue From Its Operations

Maintaining the trend of strong financial results from Module manufacturers, Surat, Gujarat-based Solex Energy financial results for FY 2023-24 make for impressive reading. The company achieved a revenue of Rs. 3,659.2 million, from its operations. This increased from Rs. 1,617.1 million in FY 2022-23 with a 126% year-over-year growth. The company’s EBITDA improved to Rs. 284.1 million, compared to Rs. 113.2 million in FY 2022-23, marking a 151% growth. Moreover, the EBITDA margin rose to 7.76%, up from 7.00% last year, demonstrating enhanced operational efficiency.

The company’s profit before tax (before exceptional items), increased to Rs. 115.4 million, witnessing a 200% rise from Rs. 38.5 million in FY 2022-23. Its profit after tax grew to Rs. 87.3 million, compared to Rs. 27.1 million in the previous year, with a 222% increase. Solex’s net profit margin also improved to 2.39%, up from 1.68% in FY 2022-23. The company’s earnings per share (EPS) surged to Rs. 10.92, up from INR 3.39 in the previous fiscal year.

Chetan Shah, Chairman and Managing Director of Solex Energy Limited, stated, “We are pleased to report an outstanding year of financial performance and robust growth. Our strategic initiatives and commitment to operational excellence have resulted in significant gains across all key financial metrics. Seeing the overall demand for our products, we have kick-started expanding to 1.5 GW with plans to eventually reach 4.5 GW and enter cell manufacturing over the next 2-3 years. The remarkable increase in our revenue and profitability underscores our dedication to driving sustainable growth and delivering value to our shareholders.”
He added, “Solex Energies’ significant revenue and profit increases reflect its strategic investments in expanding operational capabilities and market reach. The company’s strong expenditure control has also led to improved margins.” Looking forward, Solex Energies remains committed to advancing renewable energy solutions and is well-positioned to leverage future growth opportunities in the sector.

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