Turnaround Story: Solar Company Partners with BrightNight India for Major Module Supply; Profits Surged by 538 Per cent in Q1 FY25 - Stock Rallies Over 6 Per cent Today

The company reported an impressive profit of Rs 231 crore in FY24, reversing back-to-back losses incurred over the past two years.

Incorporated in April 1995, Premier Energies Limited specializes in manufacturing integrated solar cells and solar panels. Its product portfolio includes solar cells, solar modules, monofacial and bifacial modules, along with EPC (Engineering, Procurement, and Construction) and O&M (Operation and Maintenance) solutions.

Premier Energies International Private Ltd, a subsidiary of Premier Energies Limited, has signed a Module Supply Agreement (MSA) with BN Hybrid Power-1 Private Limited, a Special Purpose Vehicle (SPV) of BrightNight India. Under this agreement, Premier Energies will supply 173.35 MWp of solar modules equipped with the latest Topcon technology for the 300 MW FDRE (Wind, Solar, and Energy Storage) Power Project located in Barmer, Rajasthan. The supply of these modules is set to begin in July 2025.

Today, the company’s shares rallied around 6.5 per cent and finally closed at around Rs 1077.30 and the current market capitalization stands at Rs 48,561 crore. Additionally, the shares have delivered an impressive multibagger return of over 130 per cent compared to the final IPO price of Rs 450 each

As per the Quarterly Results, in the Q1 FY25, Premier Energies Limited recorded a revenue of Rs 1657 crore compared to Rs 611 crore. It reported an operating profit of Rs 358 crore. The net profit stood at Rs 198 crore compared to Rs 31 crore. Looking at the annual performance, the company generated a revenue of Rs 3144 crore in FY24 compared to Rs 1429 crore. The operating profit for FY24 was Rs 478 crore with a net profit of Rs 231 crore compared to a loss of Rs 13 crore in FY23.

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