Solex Energy net profit rises to Rs 13 cr in Apr-Sep on higher income

Solex Energy on Tuesday reported a multi-fold jump in consolidated net profit to Rs 13 crore in the April-September period of FY25, on account of higher income.

It posted a net profit of Rs 0.73 crore during the six-month period ended September 2023, the company said in a regulatory filing.

The company's total income jumped to Rs 274.16 crore against Rs 93.75 crore in the year-ago period.

"As we look ahead, Solex remains focused on scaling up our operations and innovation to meet the growing demand for clean energy solutions across India," Chetan Shah, Chairman and Managing Director of Solex Energy, said.

The company is bullish on the growing renewable energy market in India and has already announced investment plans worth USD 1 billion under its Vision 2030 strategy, he said.

Solex Energy has plans to increase its module manufacturing capacity from 1.5 GW to 15 GW, which will cost around Rs 8,000 crore.