INA Solar Reports 419.5 Percent Surge in Net Profit for FY 2023-24

Insolation Energy Limited (INA Solar) has reported financial results for the fiscal year ending March 31, 2024. 

The company's turnover reached INR 741.32 crore, marking an increase of 165 percent from INR 280.05 crore in the previous fiscal year. Gross margins also saw a rise of 237 percent, climbing to INR 111.65 crore from INR 33.09 crore.

The company's EBITDA experienced a growth of 340.70 percent, increasing to INR 84.16 crore from INR 19.10 crore. Net profit after tax saw a surge of 419.50 percent, soaring to INR 55.47 crore from INR 10.68 crore. Consequently, the Earnings Per Share (EPS) jumped by 419.63 percent, from 6.1 to 31.23.

Chairman Manish Gupta highlighted INA Solar’s top ranking on India’s BSE SME and NSE EMERGE platforms and its 757th position on the Main Board platform in SEBI's Business Responsibility and Sustainability Report (BRSR) for FY 2023-24.

INA Solar is the largest solar panel manufacturer in Rajasthan and plays a significant role in contributing to India’s green energy goals and the Make in India initiative. The company has a network of over 300 dealers and distributors, more than 500 successful projects, and over 10,000 satisfied customers across 100 districts in India.

MD Vikas Jain announced plans to expand the company’s production capacity from 950 MW to 3000 MW annually and to establish a 1200 MW solar cell manufacturing unit. INA Solar manufactures high-efficiency solar panels, batteries, and inverters. The company will soon start producing top-con solar panels, ensuring that panels ranging from 40 Wp to 600 Wp are available in the market. All products comply with national and international standards such as BIS and are recognized by ALMM.