Alpex Solar Ltd, a leading producer of high-precision solar PV modules and systems, has announced robust financial results for the half-year ending 30 September 2024.
H1FY25 vs. H1FY24 Performance (Standalone Basis): For the half-year ended 30 September 2024, Alpex Solar reported operational revenue of Rs. 265.13 crore, up from Rs. 204.59 crore in H1FY24, marking a strong 29.6 per cent growth. Net profit more than doubled to Rs. 25.07 crore, compared to Rs. 10.03 crore in H1FY24. EBITDA surged 2.6 times to Rs. 37.06 crore in H1FY25, reflecting enhanced operational efficiency and margin expansion.
H1FY25 vs. H2FY24 Performance (Standalone Basis): Operational revenue for H1FY25 increased by 32.7 per cent over H2FY24, with EBITDA up 63.6 per cent HoH. EBITDA margins saw an increase of 270 basis points, while PAT margins exhibited comparable growth in H1FY25 over H2FY24.
Commenting on the financial results, Ashwani Sehgal, Managing Director, Alpex Solar Limited, stated, "These results demonstrate Alpex's growth and dedication. H1FY25 has propelled us forward as we transition from solar panel manufacturing to an integrated cell-to-solutions provider. Our financial results are a testament to our team's commitment to building stakeholder value. Alpex is set for transformation with deeper integration, an expanded product range, and a stronger position within renewable energy."
Key Developments during H1FY25
-Capacity Expansion: Alpex is on track to meet its IPO target of 1.2 GW capacity by FY25, with 900 MW completed and the remaining 300 MW slated for December 2024.
- Solar Module capacity doubling: Alpex plans to double its module capacity to 2.4 GW by adding a new 1.2 GW facility in Kosi Kotwan, Mathura, where it has acquired an adjacent 17,846 sq/m plot for expansion.
- Solar cell manufacturing: Alpex initiated its 1.6 GW solar cell manufacturing project in Kosi Kotwan. Phase one (500 MW) will be completed by October 2025, phase two (1,000 MW) by April 2026, and phase three (1.6 GW) by September 2026, using advanced MonoPERC and n-Type TopCON technology, with a total project cost of Rs. 642 crores.
- Aluminium Frames Manufacturing: Alpex is the first green energy company to achieve backward integration with an aluminium frame manufacturing facility. The first phase is operational in Greater Noida, with two more phases in Kosi Kotwan expected to reach a total capacity of 12,000 tons per year by FY25.
- Recent order wins: In October, Alpex secured orders worth Rs. 525.15 crore from prominent PSU clients for solar modules. In November, it won an order valued at Rs. 34.51 crore for solar pumps, part of the PM-KUSUM scheme. Combined, recent orders totaled Rs. 559.66 crore.
- Market expansion initiatives: In September, Alpex attended RE+ 2024 in California to explore global partnerships. Additionally, the company appointed Gaurav Bector as the Global Head of its EPC business to drive its international expansion strategy.