Multibagger Solar Company Secures Rs 34.51 Crore Order for 1,141 Solar Pumps from HAREDA – Stock Gains Over 700 Per cent!

The company’s shares have delivered an impressive return of over 700 per cent to its shareholders.

Incorporated in August 1993, Alpex Solar Limited is a Small-Cap company engaged in the manufacturing of solar panels using monocrystalline and polycrystalline cell technologies.

The company has announced securing a significant order from the Haryana Renewable Energy Development Agency (HREDA). As per the press release, the company has announced that it has bagged an order worth Rs. 34.51 crore from HAREDA under Component-B of the PM Kusum Scheme for the supply of 1,141 solar pumps. The project is scheduled to be completed within 120 days from the date of the issue of the work order.

Financial Performance

Alpex Solar Limited doesn’t announce Quarterly Results and as per the half-yearly results in March 2024, the company reported a revenue of Rs 200 crore. The company’s operating profit reached Rs 23 crore along with an operating profit margin of around 11 per cent. The company’s net profit stood at Rs 19 crore for the period.

Looking at the annual performance, the company generated a revenue of Rs 413 crore in FY24 compared to Rs 195 crore in FY23 representing an impressive growth of over 112 per cent YoY. The operating profit for FY24 was Rs 37 crore along with a margin of 9 per cent compared to Rs 12 crore in FY23. The company reported a net profit of Rs 27 crore compared to Rs 4 crore registering a growth of 575 per cent YoY.

Share Performance

At the start of today’s trading session, Alpex Solar Limited opened at Rs 974 per share, compared to Rs 946.90 per share on the NSE. Finally, the shares closed at around Rs 938.70 per share on the NSE. The current market capitalization stands at Rs 2297.32 crore, and the stock has generated an impressive multibagger return of over 700 per cent compared to its final IPO issue price of Rs 115 each.

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