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.

Vikram Solar Limited, a leading solar energy solutions provider, has announced robust financial results for the first quarter, along with several significant corporate developments.

Financial Highlights

Vikram Solar reported impressive financial performance for the quarter:

• Revenue from operations: ₹11,351.60 crore
• Profit after tax: ₹1,344.15 crore
• Total income: ₹11,394.01 crore

The company's strong performance demonstrates its continued growth and market position in the solar energy sector.

Successful Initial Public Offering (IPO)

Vikram Solar recently completed its Initial Public Offering, marking a significant milestone for the company. Key details of the IPO include:

• Total equity shares issued: 62,631,604 at ₹332 per share
• Fresh issue: 45,180,722 equity shares, raising ₹15,000 crore
• Offer for sale: 17,450,882 equity shares by selling shareholders, amounting to ₹5,793.69 crore
• Total IPO size: ₹20,793.69 crore
• Shares listed on National Stock Exchange (NSE) and BSE Limited

The successful IPO reflects investor confidence in Vikram Solar's business model and growth prospects.

Corporate Governance and Compliance

The company has taken steps to enhance its corporate governance practices:

• Appointment of Ernst & Young LLP as internal auditor
• Approval of a postal ballot notice for ratification of the Employee Stock Option Plan 2021
• Consideration of document delivery fees

These measures demonstrate Vikram Solar's commitment to maintaining high standards of corporate governance and transparency.

Ongoing Legal Matters

Vikram Solar disclosed two significant legal matters in its financial statements:

1. A pending case regarding ₹1,485.20 crore in safeguard duty payments, which the company has accounted for as receivables based on legal opinion.
2. Disputed trade receivables of ₹843.88 crore under arbitration, related to EPC and other contracts.

The company remains optimistic about favorable resolutions in both cases.

Outlook

With its strong quarterly performance, successful IPO, and strategic corporate actions, Vikram Solar appears well-positioned to capitalize on the growing demand for solar energy solutions. The company's focus on financial growth, coupled with its commitment to corporate governance, sets a solid foundation for its future in the renewable energy sector.

Investors and industry observers will likely keep a close watch on Vikram Solar's performance in the coming quarters, as well as the outcomes of its ongoing legal matters, which could have significant implications for the company's financial position.