Solex Energy posts 2-fold jump in Q4 profit

New Delhi: Solex Energy Ltd has said its profit more than doubled to Rs 8 crore in the March 2024 quarter, on increased income.

It had posted a profit of Rs 3.17 crore in the year-ago period, the company said in a regulatory filing on Tuesday.

The company's total income surged to Rs 274.26 crore as against Rs 144.24 crore in the January-March period of FY23.

Expenses were at Rs 264.05 crore as compared to Rs 139.80 crore a year ago.

"We have reported an outstanding year of financial performance and robust growth.

"We have kick-started the process of expanding (capacity) to 1.5 gigawatt (GW) with plans to eventually reach 4.5 GW and also enter into cell manufacturing over the next 2-3 years," Chetan Shah, Chairman and Managing Director of Solex Energy, said.

Gujarat-based Solex Energy is a leading solar module manufacturer having an annual capacity of 700 megawatt (MW) at its unit present in Tadkeshwar.