Solex Energy's Profits Soar Amidst Robust Growth in Q4 FY24

Solex Energy Ltd's profit soared to Rs 8 crore in Q4 FY24, doubling its previous year's result. The company's income surged to Rs 274.26 crore. Expenses increased to Rs 264.05 crore. Chetan Shah, CMD of Solex Energy, announced plans to expand capacity to 4.5 GW and enter cell manufacturing.

Solex Energy Ltd has said its profit more than doubled to Rs 8 crore in the March 2024 quarter, on increased income.

It had posted a profit of Rs 3.17 crore in the year-ago period, the company said in a regulatory filing on Tuesday.

The company's total income surged to Rs 274.26 crore as against Rs 144.24 crore in the January-March period of FY23.

Expenses were at Rs 264.05 crore as compared to Rs 139.80 crore a year ago.

''We have reported an outstanding year of financial performance and robust growth.

''We have kick-started the process of expanding (capacity) to 1.5 gigawatt (GW) with plans to eventually reach 4.5 GW and also enter into cell manufacturing over the next 2-3 years,'' Chetan Shah, Chairman and Managing Director of Solex Energy, said.

Gujarat-based Solex Energy is a leading solar module manufacturer having an annual capacity of 700 megawatt (MW) at its unit present in Tadkeshwar.