Shares of Alpex Solar Limited were in focus today on Tuesday. Shares of the company rose 5 percent to Rs 671.80 intraday. The reason behind this rise in the stock is the March quarter results. In the March quarter, the company's net profit increased by 680 percent to Rs 29.05 crore.
Shares of Alpex Solar Limited were listed on NSE on 15 February 2024. Its price band was fixed at Rs 115 per share.
Currently, the stock is up 484 percent from its IPO price. Shares of Alpex Solar rose 186.09 percent to Rs 329. Let us tell you that this is the first quarterly result of the company after listing.
The company's profit has increased by 680 percent to Rs 29.05 crore. Earlier it was Rs 3.72 crore in the same quarter. The operational income of the company increased by 121 percent to Rs 404.43 crore.
It was just Rs 182.69 crore in the same quarter last year. EBITDA increased by 206 percent. It has increased from Rs 12.26 crore to Rs 37.58 crore.
Let us tell you that the performance has improved due to higher demand, better efficiency and scale of solar panels. This has improved margins and strengthened the order book. In March 2024, Greater Noida-based Alpex Solar also received several orders worth Rs 43.70 crore in Haryana under the PM-KUSUM scheme.
Let us tell you that the company has also announced the formation of its new subsidiary company by the name of ALPEX GH2 Private Limited. In April 2024, the company received orders from Jharkhand Renewable Energy Development Agency for supply, installation and commissioning of 500 solar water pumping systems. These orders were received under the Pradhan Mantri Kisan Urja Suraksha and Utthan Mahabhiyan Yojana (PM-KUSUM Yojana).
In March 2024, Alpax also received several orders worth Rs 43.70 crore in Haryana under the PM-KUSUM scheme. The company was also listed and approved to install solar water pumps in the state of Rajasthan.
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