Q2 Results: ACME Solar Reports Rs 15cr Profit In Q2

Q2 Results: ACME Solar Reports Rs 15cr Profit In Q2

Renewable energy company ACME Solar today published its quarterly (Q2) and half-yearly (H1) results. The results revealed that the firm witnessed a dip in its revenues and profits in the quarter on a Year-on-Year (YoY) basis. However, on a Quarter-on-Quarter (QoQ) basis, the company reported an increase in its profit.

The details filled in by the listed company said that the company reported a total revenue of Rs 295.14 crore in Q2FY25. This was against the total revenue of Rs 356.95 crore in Q2 of FY24, indicating a negative growth of 17.32%.

The company had reported a revenue of Rs 340 crore in Q1FY24. This was against a revenue of Rs 295.14 crore in Q2FY25. Thus on a QoQ basis, the firm reported a negative growth of 13.19%.

The company registered a profit of Rs 15.29 crore in the latest quarter. While during Q1FY25, the profit was Rs 1.38 crore. Thus on a QoQ basis, the firm reported a 1008% increase in its profit. However, the performance on YoY was not encouraging.

The company had reported a total profit of Rs 38.6 crore in Q2 of FY24. Thus on a YoY basis, the company reported a negative growth of 60.32%.

ACME Solar Holdings Limited, is a renewable energy company in India with a diversified portfolio across solar, wind, hybrid and Firm and Dispatchable Renewable Energy (“FDRE”) projects. The company is one of the top 10 renewable energy independent power producer in India with an operational capacity of 2,540 MW and under construction capacity of 4,180 MW.

ACME Solar’s statement

ACME Solar in a media release said that the Company monetized 369 MW of its operational assets in H2FY24. Thus, for like-to-like periodic comparison with H1FY25 & Q2FY25, the financial & operational highlights for H1FY24 & Q2 FY24 have been adjusted to factor in the impact of monetized assets as shown below:

• Total revenue for H1FY25 at INR 635 Cr up 5.5% YoY and Q2FY25 at INR 295 Cr up 7.4% YoY.
• EBITDA for H1FY25 at INR 558 Cr, up 4.8% YoY and Q2FY25 at INR 256 Cr, up 3.7% YoY.
• Consistent and healthy EBITDA margin at ~88%.
• Cash PAT for H1FY25 at INR 152 Cr, up 10.6% YoY and Q2FY25 at INR 75 Cr, up 75.4% YoY.
• PAT at INR 15 Cr for the Q2FY25 vis-à-vis INR 1 Cr in Q1FY25 on a QoQ basis.
• Net Debt/Equity2 stood at 2.1x as of Q2FY25.