Alpex Solar net profit grows 680% YoY

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Alpex Solar Ltd, a Greater Noida-based solar systems manufacturing company, has announced its annual financial results after a successful listing on February 15, 2024.

The company’s annual net profit increased 680% year-on-year to INR 29.05 crore in FY 2024, from INR 3.72 crore in FY23. Operational revenues stood at INR 404.43 crore, up 121% from INR 182.69 crore in FY 23.

Alpex Solar attributed its strong financial performance to high demand for solar panels, better efficiencies and scale leading to improved margins and a robust order book.

In March 2024, Alpex Solar bagged multiple orders worth INR 43.70 crore in Haryana under the PM-KUSUM scheme. The company is also empanelled and approved for the installation of solar water pumps in the state of Rajasthan.

Besides, the company’s Board of Directors has accorded consent to the allotment of 25,873.27 sq. mt (7 acres) of land by the Uttar Pradesh State Industrial Development Authority (UPSIDA) at Kosi Kotwan (on National Highway 19) in Mathura at an estimated sum of INR 15.04 crore. The land parcel would be used to set up a solar panel manufacturing facility. It will also be used to establish a new plant for aluminum frames, which is being relocated from the originally planned site due to inadequate space.

Alpex Solar has also announced the incorporation of its new subsidiary, ALPEX GH2 Pvt Ltd. Additionally, it plans another subsidiary that is currently undergoing the incorporation process. “These subsidiaries would be crucial for optimising Alpex’s supply chain and enhancing its future competitiveness in the industry,” stated the company.

Alpex Solar manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, mono PERC, and half-cut solar PV modules. It also offers comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) of AC/DC solar pumps in both surface and submersible categories.

The company’s existing solar panel manufacturing facility is spread over 150,000 sq.ft. in Greater Noida. It has an 848 MW capacity (as per MNRE notification dated March 22, 2024), which can be further expanded to 2 GW.

 

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