Insolation Energy surged 7.29% to Rs 3559.95 after the company announced that it has been awarded a contract worth Rs 500.50 crore by the Rajasthan Renewable Energy Corporation (RREC).
The contract is for design, supply, erection, testing and commissioning including comprehensive operation and maintenance (O&M) for 25 years from the date of commissioning of rooftop solar (RTS) photovoltaic power projects on state government buildings/state government undertakings buildings in Rajasthan under hybrid annuity mode (HAM) for Ajmer, Jaipur and Kota Circle/Districts.
"This milestone contract for Rs 500.50 crore coupled with Rs 208.32 crore order from Zetwerk Manufacturing Business Private Limited represents a major leap in our performance, driven by our ability to consistently deliver results by back-to-back orders.
These orders combined value of Rs 708.82 crore exceeds our entire sales of H1 FY 2024-25, the company said in a statement.
Insolation Energy is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes.
The companys consolidated net profit surged 419.4% to Rs 55.47 crore on 163.9% jump in net sales to Rs 737.17 crore in FY24 over FY23.
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