Premier Energies Reports Surge In Profits In Q2

Q2 Results: Premier Energies Report Dip In Revenues, Surge In Profits

Indian solar module and solar cell manufacturer Premier Energies announced its Q2 results for FY25, for the first time after getting listed on the Indian stock exchange. The company, on a consolidated basis, reported an increase in its revenues and net profits on a Year-on-Year (YoY) basis but a dip in its revenue on Quarter-on-Quarter (QoQ) basis.

The company said that it reported a total revenue of Rs 15,535.92 million in Q2FY25. The Hyderabad-based company reported a total revenue of Rs 16,687.90 million in Q1FY25 and Rs 7,018.06 million in Q2FY24. Thus every quarter, the firm reported a loss of revenue by 7%. On a Year-on-Year (YoY) basis, the company reported a surge in its profit by 121%

The company said that it reported a profit of Rs 2,059.46 million in Q2FY25. This is against the profit of Rs 1981.60 million in Q1FY25 and a profit of Rs 528.58 million in Q2FY24. Thus on a YoY basis, the company reported a surge in its net profit by 290%.

The company said that it has a total order book of 3,860 MW while 4250 MW of orders are under pipeline. The company started solar module manufacturing in 1999 and solar cell production in 2011 has a manufacturing capacity of 2 GW of solar cells and 4.134 GW of solar modules.

Premier Energies is one of the earliest adopters of solar cell manufacturing in India. It recently entered the stock marketing after the issue of its IPO which got good response in the market. The company has now planned to start the production of wafers and ingots, which is currently confined to countries like China. The firm also has planned to open its new solar cell manufacturing unit in the United States (US) to get the benefits of Inflation Reduction Act (IRA).

In a latest interaction with Saur Energy, Surender Pal Singh, Chairman of Premier Energies said that solar cell manufacturing is a complex process unlike solar module manufacturing and demands both higher capex and skilled manpower.