Solex Energy Reports Strong Financial Growth in FY 2023-24

The company's revenue from operations soared to INR 3,659.2 million, marking a 126 percent year-over-year increase from INR 1,617.1 million in FY 2022-23.

May 30, 2024. By Abha Rustagi

Solex Energy Limited has unveiled its financial results for the fiscal year ending March 31, 2024, showcasing growth across key financial metrics compared to the previous fiscal year.

The company's revenue from operations soared to INR 3,659.2 million, marking a 126 percent year-over-year increase from INR 1,617.1 million in FY 2022-23. EBITDA also saw a boost, climbing 151 percent to INR 284.1 million from the previous year's INR 113.2 million. This improvement translated to an enhanced EBITDA margin of 7.76 percent, up from 7.00 percent, indicating better operational efficiency.

Profit Before Tax (before exceptional items) experienced a 200 percent rise, reaching INR 115.4 million compared to INR 38.5 million in FY 2022-23. Likewise, Profit After Tax surged by 222 percent, amounting to INR 87.3 million, up from INR 27.1 million last year. Consequently, the net profit margin improved to 2.39 percent from 1.68 percent in the previous fiscal year, and Earnings Per Share (EPS) jumped to INR 10.92 from INR 3.39.

Chetan Shah, Chairman and Managing Director of Solex Energy Limited, expressed his satisfaction with the company’s performance. "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," said Shah.

"Solex Energy’s 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," added Shah.

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