Emmvee Photovoltaic Power reported a sharp jump in profitability in the December quarter, with net profit rising more than three-fold on the back of strong revenue growth and steady execution.
The Bengaluru-based solar manufacturer posted a net profit of Rs 263.6 crore for the third quarter ended December, compared with Rs 99.2 crore in the same period last year. Revenue from operations more than doubled to Rs 1,152.3 crore from Rs 528.3 crore a year earlier.
The company attributed the performance to higher capacity utilisation and sustained demand for domestic solar manufacturing. Emmvee said its order book stood at 9.3 gigawatt as of December, providing visibility for the next few quarters. Of this, around 6.3 gigawatt is scheduled for execution over the next 12 to 18 months.
Emmvee Photovoltaic Power is among India’s largest integrated manufacturers of solar cells and modules. The company said its ongoing capacity expansion and backward integration initiatives have helped improve margins and scale operations in line with rising domestic demand for solar equipment. |
