1:4 bonus shares & 5,850 per cent multibagger returns: Solar company bags order worth Rs 150,00,00,000 from Sprng Energy Pvt Ltd
The stock gave multibagger returns of 330 per cent from its 52-week low is Rs 332 and a whopping 5,850 per cent in 5 years.
Solex Energy Limited has secured a significant order from Sprng Energy Private Limited, an esteemed affiliate of the renowned Shell Group based in the United Kingdom. This domestic order entails the supply of 100 MW of N-type TOPCON 585/590 Wp solar modules, valued at Rs 150,00,00,000 inclusive of all duties and taxes. Scheduled for completion by June 2025, this contract underscores Solex Energy's growing prominence as a key player in India's burgeoning solar energy sector.
Earlier, the company secured a significant order from Zodiac Energy Limited, Ahmedabad, for the supply of 20 MW Solex Bifacial Perc Solar Modules, valued at Rs 29,00,82,900. This domestic order is expected to be completed within 3 months, as per the terms of the contract. The order highlights Solex Energy's growing presence in the solar energy sector and its ability to deliver high-quality solar solutions to meet the increasing demand for renewable energy.
About the Company
Solex Energy Ltd. is a renewable energy company manufacturing solar panels, lanterns, streetlights, water pumps and inverters. They provide comprehensive solar solutions, including designing and constructing solar power plants for residential and commercial clients. Solex Energy boasts strong financial performance and is committed to customer satisfaction and sustainability. Their Vision 2030 strategy involves a USD 1 billion investment to advance solar technology and meet India's growing clean energy needs. This positions Solex for continued growth as a leader in the solar energy sector.
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According to half-yearly results, the net sales increased by 194 per cent to Rs 273.09 crore and net profit increased by 1,698 per cent to Rs 13.08 crore in H1FY25 compared to H1FY24. In its annual results, the net sales increased by 126 per cent to Rs 365.92 crore and net profit increased by 222 per cent to Rs 8.73 crore in FY24 compared to FY23.
Furthermore, shares of the company ex-traded bonus shares in the ratio of 1:4. This means that for every 4 existing fully paid-up equity shares of Rs 10 each held by the eligible shareholders as of the Record Date, they will receive 1 new fully paid-up equity share of Rs 10 each. The ex-date for bonus shares was Friday, September 20, 2024.
The company have a market cap of over Rs 1,500 crore. The stock gave multibagger returns of 330 per cent from its 52-week low is Rs 332 and a whopping 5,850 per cent in 5 years. Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.