2200 per cent returns: This multibagger renewable energy company bags new order from Indian Oil Corporation worth Rs 1.59 crore!

Shares of the company gained more than 60 per cent in the last six months.

Taylormade Renewables Limited has been recognized as an "Industrial Partner" by Indian Oil Corporation Limited (IOCL) for its ongoing initiatives towards Net Zero Carbon Emission and Energy Efficiency Improvement. IOCL has entrusted Taylormade Renewables with a pilot project worth Rs 1.59 crores for the development and implementation of a Solar Thermal Energy System (STES) at IOCL's Lube Oil Blending Plant in Asaoti.

This project aims to reduce fossil fuel consumption for thermal energy requirements during production. The customized STES will consist of five parabolic dishes, each with a surface area of 92 square meters. The system will preheat boiler feed water to 80-90°C, contributing to a significant reduction in fossil fuel usage. Upon successful completion, this pilot project can be replicated across IOCL refineries and other public sector units, paving the way for IOCL to achieve its Net Zero Carbon Emission goals.

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Taylormade Renewables Limited has reported results for the half-year ended September 30, 2023 (H1FY24). The revenue of the company for H1FY24 stood at Rs 26.11 crore which grew by 246.38 per cent YoY. The company's operating profit stood at Rs 9.71 crore, while the PAT of the company stood at Rs 8.05 crore, as compared to Rs 0.07 crore for the same half-year in the previous year.

Taylormade Renewables Limited is primarily engaged in providing renewable energy solutions. Their specialization is in manufacturing Solar Parabolic Concentrating Systems for steam generation used in steam cooking and other industrial applications, director in-direct heating, including solar air-conditioning, solar space heating, solar drying, solar wastewater evaporation and many more applications requiring thermal energy. The stock has also gained over 2200 per cent in the last one year.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.