Surge in Stock Following ₹560 Crore Solar Module Orders
Shares of Premier Energies Limited, India’s second-largest solar module manufacturer, surged by up to 4.06% after the company announced new orders totaling ₹560 crore from major independent power producers. Following this news, the stock traded at ₹1,058.80, reflecting a slight decline of 1.34% from the previous close.
Financial Performance Highlights
Premier Energies has reported remarkable growth in Q1 FY25, with revenues soaring by 171% to ₹1,657 crore compared to ₹611 crore in Q1 FY24. Net profit jumped 538%, rising from ₹31 crore to ₹198 crore. Notably, 64.32% of revenue stemmed from solar modules, solidifying the company’s position in the market.
Expanding Customer Base and Future Plans
With a robust customer base that includes NTPC and Tata Power Solar, Premier Energies aims to enhance its manufacturing capacity. Currently, the company has a solar cell production capacity of 2 GW and plans to invest ₹3,400 crore to expand to 7 GW in solar cell capacity and 8 GW in solar module capacity.
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Summary at glance
Shares of Premier Energies Limited, India’s second-largest solar module manufacturer, surged by 4.06% following the announcement of new orders totaling ₹560 crore from major independent power producers. The orders include ₹513 crore for solar modules and ₹47 crore for solar cells. The company has reported a remarkable revenue increase of 171% in Q1 FY25, with significant profits attributed to its diverse customer base and plans for future expansion, targeting increased production capacities.
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