XL Telecom and Energy Limited (XL Energy), a city-based solar panel and solar cell manufacturer, is targeting to achieve export revenues of Rs 500 crore in the current financial year, said its executive director K Vasudeva Rao.
“Post the global slowdown and the subsequent risk aversion by banks during the last six quarters, the solar opportunity is again opening up with companies abroad now going ahead with their plans to set up solar power plants,” he told Business Standard.
XL Energy on Friday bagged export orders worth Rs 52.5 crore from two European companies for supply of solar panels. One of the customers is a large EPC company in Italy from whom this is the trial order. Once executed, XL hopes to get much larger orders. The second order is a repeat contract from a company in Czech Republic, Rao said. While the Italian order is worth Rs 42.1 crore, the Czech contract is valued at Rs 10.4 crore.
“With the gradual easing of credit market, further investments are being made in solar power projects in Europe. We are bullish on the market opportunity at this point of time,” he said, adding that the company was de-focusing from its telecom (CDMA) business, which contributed 20 per cent to its revenues last year. The company reported consolidated revenues of Rs 485 crore last fiscal.
Stating that the company is seeing immediate potential in the Indian market, going by the Jawaharlal Nehru National Solar Mission announced on July17 that talks about 1.5 gigawatt of solar power which works out to a $5-billion opportunity, Rao said, “We expect to corner a 20 per cent market share in India in the next two years.”
XL Energy’s scrip plummeted 1.52 per cent to end the trade at Rs 35.75 on the BSE on Friday, over the previous close of Rs 36.30.
