Swelect Energy Systems consolidated net profit 881% up YoY in FY 2024

Share

Swelect Energy Systems Ltd (the Group) has posted a consolidated total income (including revenue from operations and other income) of INR 279.33 crore for the year ended March 31, 2024, compared to INR 269.78 crore in FY 2023. Net profit soared to INR 63 crore, compared to INR 6.42 crore in FY 2023.

The consolidated results include the results of the Group’s wholly owned subsidiaries and step-down subsidiaries.

Swelect Energy Systems is a solar power systems group company with manufacturing facilities for solar panels and the balance of systems (module mounting systems, array combiners, intelligent junction boxes and electrical accessories for solar power generating systems) addressing a wide range of rooftop and utility-scale solar power projects.

The company’s arm Swelect HHV Solar Photovoltaics (SHPV) has a 500 MW (700 MW name plate capacity) PV module manufacturing facility in Coimbatore. The facility produces high-power modules using mono PERC cells for both monofacial and bi-facial applications. It has the capability to manufacture TOPCon and HJT modules as well.

Swelect is also going to form a new arm that will engage in setting up of solar power plants. The company’s Board of Directors recently gave an approval for incorporating this subsidiary in the name ‘ESG Green Energy Pvt Ltd’. The company stated that once the proposals received from the industrial consumers materialize, the electricity generated by ESG Green will be sold to the industrial consumers around Tamil Nadu based on the requirements of the respective consumers.

 

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.