Newly Listed Multibagger Solar Manufacturer Secures Rs 560 Crore Order – Turnaround Story Posts Profit in FY24 After Two Years of Losses
The company’s shares have delivered an impressive return of over 130 per cent to its shareholders.
Incorporated in April 1995, Premier Energies Ltd focuses on the production of integrated solar cells and panels. Its product range includes solar cells, solar modules, monofacial and bifacial modules, along with EPC and O&M solutions.
The company has announced that its subsidiaries, Premier Energies International Private Ltd. and Premier Energies Photovoltaic Private Ltd., have recently secured multiple orders worth a total of Rs 560.00 crore from two major domestic Independent Power Producers (IPPs) and others. These orders include Rs 513.00 crore for solar modules and Rs 47.00 crore for solar cells, with deliveries scheduled to start in December 2024.
Financial Performance
As per the Quarterly Results in June 2024, Premier Energies Ltd recorded a revenue of Rs 1657 crore compared to Rs 611 crore representing a growth of around 171 per cent YoY. The operating profit for the period stood at Rs 358 crore with a margin of 22 per cent compared to Rs 71 crore with a margin of 12 per cent. The net profit stood at Rs 198 crore compared to a profit of Rs 31 crore representing a gain of around 538 per cent YoY. Looking at the annual performance, the company generated a revenue of Rs 3144 crore in FY24, compared to Rs 1429 crore in FY23. The operating profit for FY24 was Rs 478 crore, with a net profit of Rs 231 crore compared to a loss of Rs 13 crore.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
Share Performance
At the start of Friday’s trading session, Premier Energies Ltd opened at Rs 1039.90 per share, compared to Rs 1019.60 per share on the BSE. The company’s shares rallied over 5 per cent and finally, closed at around Rs 1076.65 per share on the BSE. The current market capitalization stands at Rs 48,532 crore, and the stock has generated an impressive multibagger return of over 135 per cent compared to its final IPO price of Rs 450 each.
Disclaimer: The article is for informational purposes only and not investment advice.