Premier Energies Wins Orders Worth Rs 1,087 Crore For Solar Cells And Modules
.webp 2.jpg?downsize=1010:568 "Premier Energies Wins Orders Worth Rs 1,087 Crore For Solar Cells And Modules")
Premier Energies Ltd. said its subsidiaries received and accepted multiple orders aggregating to Rs 1,087 crore from two large independent power producers and one other customer. These orders include Rs 964 crore for solar modules and Rs 123 crore for solar cells, according to an exchange filing.
The orders are won by Premier Energies Global Environment Pvt, Premier Energies International Pvt, and Premier Energies Photovoltaic Pvt. The supply of these solar modules is scheduled to commence from January 2025.
The company did not disclose the names of the domestic clients.
Premier Energies manufactures integrated solar cells and solar panels and is the second-largest player in India as per capacity. As of March, it has a 16.2% market share in the total solar cell-installed capacity in India.
The company expects robust revenues in the next 12 to 18 months on the back of capacity expansion and strong demand from India and the US, the company's managing director, Chiranjeev Singh Saluja, has said.
Premier Energies reported strong financials in the quarter ended September, with net profit rising nearly three-fold year-on-year to Rs 206 crore versus Rs 53 crore in the year-ago period. Revenue from operations increased 120% to Rs 1,527 crore in the September quarter against Rs 694 crore at the same time last year.
The company raised Rs 1,291.4 crore via an IPO in September to invest in subsidiary Premier Energies Global Environment for part-financing of the establishment of a 4-gigawatt solar PV TOPCon cell and 4 GW Solar PV TOPCon module manufacturing facility in Hyderabad.
Shares closed 3.8% higher at Rs 1,102 apiece on the NSE, ahead of the announcement, compared to a 1.3% advance in the benchmark Nifty 50.
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