Prism Johnson bags LoIs for solar power projects

The company received Letter of Intents (LoI) for installation of captive solar power projects at its manufacturing units located at Satna, Dewas in Madhya Pradesh and in Kunigal (Karnataka), Pen (Maharashtra) and Karaikal (Puducherry), on Friday.

The solar power plants will be developed via Special Purpose Vehicles (SPVs) and will have an aggregate capacity of 22 MW. The projects are scheduled to be commissioned in the next 6 to 8 months.

Prism Johnson plans to invest approximately Rs. 8 crore and acquire an equity shareholding of 26 per cent in the SPVs for the captive solar power projects. Beside cutting operational costs, the plant will also help the company comply to its Renewable Power Obligations.

For Q1FY19, the company reported revenues of Rs. 1,497.69 crore, a yoy increase of 13 per cent, while the company's PAT was at Rs. 70.20 crore, which is up 320 per cent yoy, albeit from a weak base.

On Friday, the stock of Prism Johnson opened at Rs. 108.90 per share and closed at 107.75 per share. It hit an intraday high of Rs. 112.00 and low of Rs. 106.50 on the BSE exchange.