Alpex Solar, a Greater Noida-based solar module manufacturer, reported a 137.22% year-over-year (YoY) revenue increase in Q3 FY25, reaching Rs 1.88 billion from Rs 793.05 million a year ago. The company’s net profit soared 422.96% YoY to Rs 235.76 million, compared to Rs 45.08 million last year. Earnings per share (EPS) also rose sharply to Rs 9.63 ($0.11) from Rs 2.51. 

For the first nine months of FY25, Alpex Solar’s net profit climbed 302.2% YoY to Rs 486.8 million, with revenue increasing 55.20% to Rs 4.54 billion. EPS for the period rose to Rs 19.89 from Rs 6.73 in 9M FY24. 

In February 2024, the company raised Rs 745 million through an IPO. It has since expanded its solar module manufacturing capacity to 1.2 GW and is constructing a 1.6 GW solar cell manufacturing facility, with the first 500 MW phase set to be operational by December 2025 and full operations expected a year later. 

Alpex Solar also plans an additional 1.2 GW module manufacturing plant and an aluminum frame production facility, both slated to begin operations by December 2025. The company was allotted 20 acres of leased land by the Madhya Pradesh government for renewable energy equipment manufacturing and is currently developing a strategy for its use. 

Despite strong growth, the company’s total revenue for the second half of FY25 declined 6% YoY to Rs 2 billion from Rs 2.13 billion. 

(Mercom)