Solex Energy profit grows 222% YoY in FY 2023-24

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Solex Energy Ltd, a Surat-based solar panel manufacturer and EPC provider, has announced its financial results for the fiscal year ending March 31, 2024. The company’s revenue from operations stood at INR 3,659.2 million, a 126% year-over-year growth. Profit after tax grew 222% year-on-year to INR 87.3 million.

Chetan Shah, chairman and managing director of Solex Energy Ltd, stated, “Solex Energies’ significant revenue and profit increases reflect its strategic investments in expanding operational capabilities and market reach. The company’s strong expenditure control has also led to improved margins.”

Shah added that seeing the overall demand for Solex products, they have kick-started expansion to 1.5 GW with plans to eventually reach 4.5 GW and enter cell manufacturing over the next 2-3 years.

Currently, Solex has a 700 MW solar panel capacity at its factory in Tadkeshwar, Gujarat.

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