Websol Energy System posts profit in Q1

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Websol Energy System, a Kolkata-based solar cell and module manufacturer, has reported a net profit of INR 22.88 crore for the first quarter of FY 2024-25, compared with INR 5 crore losses for the same period last year. Total income was INR 111.83 crore, against INR 0.30 crore in Q1 FY 2024.

Websol Energy System undertook significant capacity expansion by installing a 600 MW mono PERC bifacial cell line (with the ability to be upgraded to TOPCon technology) and a 550 MW module line at its factory in Falta, West Bengal. The company started commercials sales from its cell line in February this year and in the last quarter of FY 2023-24, it sold its entire cell production. Going forward, the company has tied up with various buyers of solar cells to meet their domestic content requirements for government projects and has blocked 80% of its capacity for the financial year 2024-25.

While the company is currently selling all the produced cells in the domestic market, it has received interest from several foreign buyers and is considering exports to enhance its geographical footprint.

The company’s 550MW module line at Falta has also started commercial production from Aug. 1, 2024.

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