Anil Kumar Goel-Backed Solar Company Announces Incorporation of Subsidiary to Cater Power Devices and Solar Energy Products to Various Industries, Including Defence
The company’s shares have delivered an impressive return of over 185 per cent in just 6 months only.
Oriana Power Limited has informed its shareholders that the Ministry of Corporate Affairs has approved the incorporation of its wholly-owned subsidiary, Imperial Supreme Private Limited. The Ministry has issued the Certificate of Incorporation for the new entity, with the authorized capital set at Rs 1 lakh, divided into 10,000 equity shares of Rs 10 each.
Imperial Supreme Private Limited, classified as a related party of Oriana Power, will operate in the power generation sector, focusing on various energy generation and supply forms. The company's objectives include the execution of power projects through engineering, procurement, and construction (EPC), as well as offering consultancy services related to power projects. It will also distribute power to both public and private sectors.
Furthermore, Imperial Supreme will focus on producing, importing, exporting, and modifying power devices and solar energy products for commercial, residential, and specialized industries, including defence, telecommunications, and civil aviation. Although newly incorporated, the company aims to make a significant impact in the power industry soon.
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Currently, while writing the article shares of Oriana Power Limited are trading at around Rs 2120 per share. The company’s current market capitalization stands at Rs 4066.81 crore. The stock has delivered a multibagger return of over 520 per cent in just 1 year only.
The company doesn’t announce Quarterly Results and as per half-yearly results, in March FY24, Oriana Power Limited recorded a revenue of Rs 319 crore. The operating profit for the period stood at Rs 69 crore. The net profit reported by the company was Rs 49 crore. Looking at the annual performance, the company generated a revenue of Rs 383 crore in FY24, compared to Rs 136 crore in FY23. The operating profit for FY24 was Rs 54 crore with a net profit of Rs 11 crore.
Incorporated in 2013, Oriana Power Limited operates in two primary business segments: providing EPC services and operating solar power projects, as well as delivering solar energy solutions under a BOOT (build, own, operate, transfer) model. It offers low-carbon energy solutions, which involve on-site solar project installations i.e., rooftop and ground-mounted systems, and off-site solar farms i.e. Open access.
Ace Investor Anil Kumar Goel owns a 1.97 per cent stake in the company as per the latest update.
Investors must keep this stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.