- Alpex exited FY 2024 with a strong growth in its operational revenues and net profits
- Financials improved significantly since its public listing in February 2024
- Management says high demand for solar panels and scale helped it improve business
Newly listed Indian solar modules manufacturer Alpex Solar Limited has reported an annual jump of 121% in its operational revenues during FY 2024 (period ending March 2024). Its net profit of INR 37.2 million ($0.45 million) rose 680% annually.
The total operational revenues of INR 4.04 billion ($48.6 million) comprised INR 2 billion ($24 million) in H2/2024.
The management attributes the strong annual performance to high demand for solar panels, better efficiencies and scale. Its order book and margins, both improved.
During the year, its EBITDA surged by 206% annually to INR 375.8 million ($4.52 million) as the half yearly contribution improved to INR 232.4 million ($2.79 million) in H2 compared to INR 143.4 million ($1.72 million) in H1. Alpex was listed on the National Stock Exchange (NSE) Emerge platform on February 15, 2024.
“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,” said Alpex Managing Director Ashwani Sehgal.
Alpex says its order book has been growing significantly since its listing. In March 2024, it bagged multiple orders worth INR 437 million ($5.25 million) in Haryana under the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan Yojana (PM-KUSUM Scheme). It is now also empaneled and approved for solar water pump installations in Rajasthan.
Additionally, in April 2024, it secured orders from the Jharkhand Renewable Energy Development Agency (JREDA) for 500 solar water pumping systems under the PM-KUSUM scheme.
Based out of Greater Noida, Alpex operates 848 MW solar panel manufacturing capacity with enough space to expand to 2 GW. It also serves as contract manufacturer for several companies including Jakson and Tata Power.
Alpex has also received consent from the Uttar Pradesh State Industrial Development Authority (UPSIDA) at Kosi Kotwan in Mathura for land allotment to be used to set up a manufacturing facility for solar panels and modules. It will also locate its aluminum frame facility for solar modules here (see India Solar PV News Snippets).
