Alpex Solar Reports First Post IPO Financial Results with Record Growth

Alpex Solar Limited has announced its annual financial results for the first time since its successful listing on February 15, 2024.

The company reported a 680 percent increase in net profits, rising from INR 3.72 crore in FY23 to INR 29.05 crore in FY24. The company’s operational revenues surged by 121 percent to INR 404.43 crore, compared to INR 182.69 crore in FY23. 

EBITDA saw a 206 percent rise, growing from INR 12.26 crore in FY23 to INR 37.58 crore in FY24. This performance was driven by high demand for solar panels, improved efficiencies, and a robust order book. In March 2024, the Greater Noida-based company secured multiple orders worth INR 43.70 crore in Haryana under the PM-KUSUM scheme. Additionally, Alpex Solar is empanelled and approved for installing solar water pumps in Rajasthan.

In H2FY24, Alpex Solar’s operational revenues stood at INR 199.84 crore, slightly down from INR 204.59 crore in H1FY24. However, net profit nearly doubled to INR 19.02 crore in H2FY24 from INR 10.03 crore in H1FY24. EBITDA increased to INR 23.24 crore in H2FY24, up from INR 14.34 crore in H1FY24.

Commenting on the financial results, Ashwani Sehgal, Managing Director of Alpex Solar Limited, said, “We are elated to have registered a robust financial performance. We believe the Indian solar era has just begun, and being among the leading players in photovoltaic cells and solar pumps, we are experiencing a definitive push from both the public and private sectors to embrace greener and more sustainable sources of energy across the board.”

He further added, “We have also entered a new level of growth with our successful public issue and continue to focus on creating value for our stakeholders through a powerful blend of sectoral expertise, world-class technology, a reputed brand, and a long-standing trusted clientele. For Alpex, we continue to shine on through our results too.”

Alpex Solar announced the incorporation of a new subsidiary, ALPEX GH2 PRIVATE LIMITED, and plans to add another subsidiary currently undergoing the incorporation process. These subsidiaries will be crucial for optimizing Alpex’s supply chain and enhancing its competitiveness.

In April 2024, Alpex Solar received orders from the Jharkhand Renewable Energy Development Agency for the supply, installation, and commissioning of 500 solar water pumping systems under the PM-KUSUM Scheme. Additionally, the Board of Directors approved the allotment of 25,873.27 sq. mtr. (~7 acres) of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) in Mathura for INR 15.04 crore. This land will be used to set up a manufacturing facility for solar panels and modules and a new plant for the Aluminum Frame Project.