Shares of Solar EPC Company Trom Industries Surges 11 per cent with Record-Breaking Profit Growth of 108 per cent and New Solar Contracts from GMRC!
Shares of Trom Industries Ltd jumped by 11 per cent on announcement of record profits, and new solar contracts from Gujarat Metro Rail and Corona Remedies.
Shares of Gujarat' based Trom Industries Ltd jumped by 11 per cent to Rs 251 per share from its previous closing as the company reported Quarterly Results of Q2FY25. In the income statement of the company net sales were at Rs 46,24 crore for the half year ended on September, 2024 as compared to Rs 23.27 crore during the period ended on September, 2023 evidencing a turnover rise of 98.67 per cent.
The half-yearly Results for September 2024 reported a net profit growth of 108.77 per cent to Rs 4.13 crore as compared to profit after tax for the period ended September 2023 which stood at Rs 1.98 crore.
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Trom Industries Ltd is one of the leading engineering, procurement and construction company specialising in residential solar rooftop systems, industrial solar power plants, ground-mounted solar power plants, and solar street lights.
In the earning statement, Mr. Jignesh Patel, Managing Director, he said that “TROM continues to deliver profitable growth, leveraging optimism in the market and improved consumer demand. This remarkable growth underscores the growing market acceptance of our innovative products and services, reflecting our commitment to excellence and our strategic growth in the rapidly evolving solar market. Our results highlight the effectiveness of our innovative solutions and our dedication to meeting the increasing demand for sustainable energy. In the recent time, company was awarded solar projects contracts worth Rs 3,310 lakhs from Gujarat Metro Rail Corporation Limited (GMRC) and Corona Remedies Pvt. Ltd. Focused approach has driven growth over the period and cost consciousness has led to deliver yet another record profitable quarter."
Company has recently received work order worth Rs 33 crore from Gujarat Metro Rail Corporation (GMRC) and Corona Remedies.
Company has recently received Work Order from Gujarat Metro Rail Corporation (GMRC) Limited for a period of 5 years. With an order value of over Rs 20.70 crore, the supply for the order will be completed within current financial year in a phased manner. Additionally, the company has also received purchase order from Corona Remedies Private Limited for Grid Connected Ground Mounted Solar PV Plant.
For the GMRC Ltd work order, the company will be responsible for feasibility study, design, engineering, supply, civil works, procurement, erection of suitable structure, installation, testing, commissioning and comprehensive operation & maintenance for 5 MW (AC) Grid Connected Rooftop Solar Photovoltaic Power Projects. These will be for 15 metro station of Ahmedabad Metro Rail project, Phase II of Gujarat Metro Rail Corporation Ltd.
For Corona Remedies Private Limited, the company has received purchase order for supply, design, installation, testing, commissioning of Grid Connected Ground Mounted Solar PV Plant 4.25 MW DC & 3.57 MW AC. The value of this purchase order is Rs. 12.40 crore and the supply is expected to be completed within current financial year, in phased manner.
On August 1, 2024, Trom Industries Limited got listed on NSE SME platform. With an issue size of 27.28 lakh shares at face value of Rs 10 each, the price band was set at Rs 100 to Rs 115 per share to raise Rs 31.37 crores. The proceeds from this IPO will be utilized to fund capital expenditure requirements of the company towards set up of Solar Power Plant, to meet the working capital requirements and for general corporate purposes.
On financial front, the company has been registering stellar performance year after year. The company’s revenue increased by 125.98 per cent and profit after tax (PAT) rose by 1885.2 per cent between the financial year ending with March 31, 2024 and March 31, 2023. As of March 2024, the company’s revenue stands at Rs 54.54 crores with Rs 5.72 crores net profit.
This micro-cap stock should be kept under the radar. The company is a Small-Cap company having a market cap of Rs 231 crore The stock’s 52-week high is Rs 331 and its 52-week low is Rs 195.
Disclaimer: The article is for informational purposes only and not investment advice.