ACME Solar Holdings Q3 net profit jumps two-and-a-half-fold to Rs 112 cr

New Delhi: Integrated renewable energy firm ACME Solar Holdings on Wednesday posted a two-and-a-half-fold jump in consolidated net profit to Rs 112 crore in the December quarter, compared to the year-ago period, mainly on the back of higher revenues.

The company had a consolidated net profit of Rs 44 crore in the quarter ended on December 31, 2023, a company statement said.

Total revenue rose to Rs 401 crore in the quarter under review, from Rs 365 crore in the same period a year ago.

"In Q3 FY25, we delivered strong financial & operating performance, driven by significant capacity expansions," said Manoj Kumar Upadhyay, Chairperson & MD, ACME Solar Holdings.

Upadhyay further said that a key milestone was the successful commissioning of the 1,200 MW ISTS (inter-state transmission system) SECI (Solar Energy Corporation of India) Plant in Rajasthan, taking our operational portfolio to 2,540 MW. This achievement represents one of the largest single-day commissioning of solar projects.

The company stated that the operational portfolio is expected to give a steady state annual EBITDA of Rs 1,750 crore to Rs 1,800 crore. The company won a capacity of 1,900 MW taking the UC (under construction) capacity to 4,430 MW.

It also stated that as much as 86 per cent of the portfolio tied up with central counterparties and power purchase agreements (PPAs) signed for 2,340 MW representing 53 per cent of UC capacity.

It also informed that for the financing for UC portfolio, debt amounting to Rs 16,500 crore has been tied up for 1,700 MW (38 per cent) of UC capacity. For refinancing the operational portfolio, debt of Rs 5,500 crore has been tied up at an average rate of 8.8 per cent per annum.

This refinancing resulted in cash release of Rs 650 crore; reduction in cost of debt by 70 bps (basis points of 0.70 per cent) for the portfolio and achieved CARE AA- rating for 450 MW of operational portfolio.

The company also stated that it has secured 100 per cent grid connectivity (transmission for evacuating electricity from its projects) for UC capacity and additional 2,000 MW of applied/secured connectivity.

ACME Solar Holdings Ltd is a pure-play fully integrated renewable energy company with a diversified portfolio across solar, wind, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects. It has an operational capacity of 2,540 MW and under construction capacity of 4,430 MW.

ACME Solar Holdings' target is to have a portfolio of 10 GW contracted capacity by 2030.