Vikram Solar Limited, one of India's largest solar PV module manufacturers, has reported exceptional financial results for the first quarter, with significant growth across key metrics.

Strong Revenue Growth

The company's revenue from operations surged by 79.7% year-on-year to ₹1,133.60 crore in Q1, compared to ₹630.90 crore in the same quarter last year. This robust growth reflects the increasing demand for solar solutions and Vikram Solar's strong market position.

Impressive Profit Surge

Vikram Solar's net profit witnessed a remarkable jump of 484% to ₹133.40 crore, up from ₹22.80 crore in Q1 of the previous year. This substantial increase in profitability underscores the company's operational efficiency and cost management strategies.

Enhanced Operational Performance

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by an impressive 117.3% to ₹242.20 crore, with EBITDA margins expanding by 370 basis points to 21.4%. This improvement in operational performance indicates Vikram Solar's ability to optimize its resources and capitalize on market opportunities.

Healthy Order Book

As of the end of the quarter, Vikram Solar maintains a robust order book of 10.96 GW, showcasing strong market demand for its products and services. The company's capacity utilization stood at 89.2% during the quarter, indicating efficient use of its manufacturing capabilities.

Key Business Developments

Vikram Solar secured several significant orders during the quarter, including:

• A 250 MW solar module supply order from Bondada Group in Maharashtra
• A 326 MW solar module supply order from Gujarat Industries Power Company Limited (GIPCL)
• A 336 MW solar module supply order from Larsen & Toubro for deployment in Khavda, Gujarat

These orders further strengthen the company's market position and contribute to its growing order book.

Industry Recognition

The company continues to receive recognition for its product quality and sustainability efforts:

• Recognized as a Top Brand PV India by EUPD Research
• Achieved "Top Performer" status in Kiwa PVEL's PV Module Reliability Scorecard for the 8th time
• Received an EcoVadis Platinum Medal, ranking in the top 1% worldwide for sustainability performance

Management Commentary

Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar Limited, commented on the results: "We are proud to share that this fiscal year has begun on a strong note, with Q1 reflecting robust growth across revenue, profitability, and margins. Our expanding capacities and faster turnaround times position us well to execute our healthy order book pipeline of 10.96 GW."

Chaudhary also highlighted the company's strategic growth initiatives, including a planned 4x scaling of manufacturing capacities and backward integration into solar cell manufacturing. He expressed confidence in sustaining the growth momentum, supported by industry tailwinds such as the focus on Atmanirbhar Bharat and policy support like PLI schemes and custom duties.

Outlook

With its strong financial performance, growing order book, and strategic expansion plans, Vikram Solar appears well-positioned to capitalize on the increasing demand for solar energy solutions in India and globally. The company's focus on capacity expansion and backward integration is expected to further enhance its competitiveness and market share in the coming quarters.

Vikram Solar, a leading Indian solar module manufacturer, has announced ambitious growth plans, including a four-fold capacity expansion and backward integration into solar cell production. The company's strategy is bolstered by a robust order pipeline of 10.96 GW, setting the stage for significant growth in the coming years.

Strong Q1 Performance

Vikram Solar's first quarter has kicked off with impressive financial results:

• Revenue surged by 79.7% year-on-year to ₹1,133.60 crore
• EBITDA grew by 117.3% to ₹242.20 crore, with margins expanding to 21.4%
• Profit After Tax (PAT) saw a remarkable increase of 483.9% to ₹133.40 crore

Expansion Strategy

The company is embarking on a transformational growth journey, with plans to scale its manufacturing capacities by approximately 4 times. This expansion is supported by:

• A healthy order book of 10.96 GW as of June 30
• Strategic backward integration into solar cell manufacturing
• Capacity utilization standing at 89.2% in Q1

Key Business Highlights

Vikram Solar has secured several significant orders, reinforcing its market position:

• 250 MW solar module supply order from Bondada Group in Maharashtra
• 326 MW solar module supply orders from GIPCL
• 336 MW solar module supply orders from L&T

The company has also received industry recognition, including:

• Top Brand PV India from EUPD Research
• "Top Performer" status in Kiwa PVEL's PQP for the 8th time
• EcoVadis Platinum Medal, ranking in the top 1% worldwide for sustainability performance

Market Outlook

Gyanesh Chaudhary, Chairman & Managing Director of Vikram Solar, expressed confidence in the company's growth trajectory, citing favorable industry tailwinds such as:

• Focus on Atmanirbhar Bharat (self-reliant India)
• Supportive government policies including PLI schemes and custom duties
• Encouragement for domestic production
• Green hydrogen ambitions

Chaudhary stated, "With our expanding capacities and faster turnaround times, we remain confident of executing these orders on schedule and at scale."

Financial Table

Vikram Solar's strategic expansion plans, coupled with its strong financial performance and robust order pipeline, position the company for significant growth in the evolving solar energy landscape. The backward integration into solar cell manufacturing is expected to enhance supply chain security and cost competitiveness, further strengthening the company's position in the market.