1 week ago
Saatvik Green Energy Shares Rise After ₹190 Crore Solar Order
Saatvik Green Energy makes solar panels and equipment.
Its subsidiary, Saatvik Solar Industries, received a ₹190 crore order to supply solar panels.
The customer was described as a major renewable-energy or engineering company, but its name was not published.
The company said the customer is not connected to its promoters.
Saatvik recently won another ₹476 crore order from Vikran Engineering.
It also plans to build a large solar-cell factory in Gopalpur, Odisha.
The first phase of a related factory project is already being built and equipped.
Investors reacted positively to the new order, although the company’s latest quarterly profit and revenue were much lower than a year earlier.
The articles reported different share prices, with one citing ₹419 after a 4.5% gain and another citing ₹401.
Saatvik Solar Industries secured a ₹190 crore solar PV module supply order from an unnamed renowned IPP/EPC player.
Saatvik said its promoters and promoter group have no interest in the awarding entity, making the contract non-related-party business.
The subsidiary recently won a ₹476 crore module order from Vikran Engineering and previously received a ₹171.45 crore order from a domestic IPP.
Saatvik signed an MoU with IPICOL for a planned 3.6 GW solar cell facility at Gopalpur, Odisha, while Phase I construction and equipment installation progress.
Shares were reported at ₹419 after a 4.5% Friday gain in one article and at ₹401 in another, while June-quarter net profit fell 95.45% to ₹5.3 crore.
- Who
- Saatvik Solar Industries, a material subsidiary of Saatvik Green Energy, received the order from an unnamed renowned independent power producer or engineering, procurement and construction player.
- What
- The subsidiary won a ₹190 crore solar photovoltaic module supply order and Saatvik announced expansion plans including a planned 3.6 GW solar cell facility.
- Where
- The planned solar cell facility is at Gopalpur in Odisha’s Ganjam district; Saatvik also operates a module facility in Ambala, Haryana.
- When
- The order was announced in the articles as being disclosed on Monday or in a post-market filing on Thursday; the ₹476 crore order was won the previous week and the facility MoU was signed earlier that week.
- Why
- The company said the Gopalpur project is intended to expand its solar manufacturing capabilities; the specific purpose of the ₹190 crore order was not stated.
Positive Order Outlook
Financial and Market Concerns
Impact of the ₹190 crore order
Positive Order Outlook
The order increased revenue visibility and prompted a reported 4.5% one-day rise in Saatvik Green Energy shares to ₹419.
Financial and Market Concerns
The order’s financial benefit was not quantified, and the company’s June-quarter revenue and profit were substantially lower than a year earlier.
Manufacturing expansion
Positive Order Outlook
Saatvik is expanding in Odisha through a planned 3.6 GW solar cell facility, while Phase I has completed major construction work and is advancing toward commissioning.
Financial and Market Concerns
The facility is still described as planned, and the articles do not provide a commissioning date or estimate of its financial returns.
Share-price performance
Positive Order Outlook
The shares had rebounded 22% from levels below ₹330, according to the reports.
Financial and Market Concerns
The stock remained below its issue price and post-listing high; the articles cited different current prices of ₹419 and ₹401.
Key facts
- New order
- ₹190 crore solar PV module supply contract
- Awarding entity
- Unnamed renowned independent power producer or EPC player
- Previous recent order
- ₹476 crore from Vikran Engineering
- Earlier order
- ₹171.45 crore from a domestic independent power producer
- Planned facility
- 3.6 GW solar cell manufacturing facility
- Facility location
- Gopalpur, Ganjam district, Odisha
- June-quarter results
- Net profit of ₹5.3 crore, down 95.45%; operating revenue of ₹511 crore versus ₹915.7 crore a year earlier
Sources
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