1:4 Bonus Issue: Multibagger Solar Company Secures Order Worth Rs 10,39,32,288 from Torrent Power, Stock Gains Over 1,000 Per cent in 2 Years!
The company’s shares have delivered multibagger returns of over 185 per cent to its shareholders in just 1 year.
Solex Energy Ltd manufactures solar panels and other renewable energy devices and also specializes in installing systems on an Engineering, Procurement, and Construction (EPC) basis.
The company has bagged a work order from Torrent Power Limited for a rooftop and ground-mounted solar project totaling 3,075 KWp, valued at ₹10,39,32,288 (Ten Crore Thirty-Nine Lakhs Thirty-Two Thousand Two Hundred Eighty-Eight) inclusive of all duties and taxes. The project is scheduled for completion by March 31, 2025, under the terms of the order.
Recently, the Board announced the issuance of bonus shares to shareholders in a 1:4 ratio which means 1 new fully paid-up equity share of Rs 10 each for every 4 existing fully paid-up equity shares of Rs 10 each. This recommendation is subject to approval by the shareholders and other necessary statutory and regulatory approvals, consents, permissions, conditions, and sanctions. The company will announce the "Record Date" for determining the eligible shareholders entitled to receive the bonus shares at a later time.
On Tuesday the shares of Solex Energy Ltd closed at Rs 1784.10 per share. The company’s current market capitalization stands at Rs 1427.28 crore. The stock has delivered a multibagger return of around 1000 per cent in just 2 years.
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As per the Quarterly Results, in the fourth quarter of FY24, Solex Energy Ltd recorded a revenue of Rs 273 crore. The operating profit for Q4 FY24 stood at Rs 20 crore. The net profit for Q4 FY24 was Rs 8 crore. Looking at the annual performance, the company generated a revenue of Rs 366 crore in FY24, compared to Rs 161 crore in FY23. The operating profit for FY24 was Rs 28 crore, with a net profit of Rs 9 crore.
Recently Solex Energy Ltd has been awarded a significant contract from District Panchayat Raj Officer, Bihar Smart Solar Street Light System, valued at Rs 7,36,05,840 (Seven Crore Thirty-Six Lakhs Five Thousand Eight Hundred Forty only) inclusive of all duties and taxes. The said order is to be completed within 6 months as per the terms and conditions.
Solex Energy Ltd manufactures mono/multi-crystalline solar photovoltaic modules, solar lanterns, solar streetlights, solar water pumps, and solar inverters. They offer solar solutions to residential, commercial, utility, and governmental/non-governmental organizations. Additionally, the company is involved in the Engineering, Procurement, and Construction (EPC) business for solar power plants catering to both residential and commercial sectors.
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Disclaimer: The article is for informational purposes only and not investment advice.