Websol Energy System

Websol Energy System on Tuesday reported a profit after tax of Rs 41.98 crore for the September quarter on account of higher income. It had posted a loss of Rs 3.95 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income rose manifold to Rs 143.84 crore from Rs 0.30 crore a year ago.

Websol Energy System on Thursday reported a net loss of Rs 54 crore for the December 2023 quarter, mainly due to the impairment of a few assets. "The company has reported a loss of Rs 54.64 crore for the quarter ending December 2023," a BSE filing stated. The company explained that this loss will be carried forward and adjusted against future profits. The reason for such loss is that few assets have to be impaired as new assets from the expansion will be replacing the same, it added. The company also suffered a loss of Rs 6.83 crore in the year-ago quarter ended December 2022. As per an estimation, Rs 96.86 crore of fixed assets (plant and machinery) would be impaired during the current financial year. Further, it stated that certain fixed assets to the extent of Rs 26.23 crore may need to be impaired, and the same will be ascertained after detailed impairment analysis and commencement of commercial production to finally ascertain certain assets, which can continue to be used.

Chart suggests that shares related to green and renewable energy may display mixed trend in early 2024, given the sharp rally seen in the last two months.

Amp Energy on Friday announced its foray into solar cells and modules manufacturing, unveiling its plan to set up a joint venture with Websol Energy Systems. "Amp Energy India... has announced a joint venture (JV) with Websol Energy Systems Ltd for manufacturing and production of up to 1.2 GW monocrystalline PERC solar cells and modules," a company statement said. The production of monocrystalline PERC solar cells and modules would be in two phases of 600 MW each at Websol's existing unit at Falta in West Bengal. The company's entry into manufacturing solar cells will help it to provide a better control over the supply chain for critical components, Amp Energy said. In the JV, Websol will hold 51 per cent stake and Amp Energy will have the 49 per cent. The project is to be financed with a combination of debt and equity and will have an offtake agreement with Amp Energy India for up to 50 per cent of production. The rest of the produce shall be sold in market, helping fill the ...

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The stock up 20% at Rs 42.15 after the company said the RBI approved the restructuring of outstanding FCCBs subject to certain conditions.