Premier Energies stock jumps 10?ter subsidiary bags multiple orders worth Rs 765 crore- Grow Mudra

Premier Energies stock jumps 10?ter subsidiary bags multiple orders worth Rs 765 crore

14 Oct , 2024 By : Debdeep Gupta

Shares of Premier Energies gained as much as 10 percent on October 14 after the company's subsidiaries Premier Energies International Private Ltd and Premier Energies Photovoltaic Private Ltd — secured multiple orders, cumulatively worth Rs 765 crore.

This includes Rs 632 crore orders for solar modules and orders worth Rs 133 crore for solar cells. The electrical equipment maker added that the supply of these modules and cells is scheduled to commence in July 2025. The orders have been received from eight domestic customers and one foreign customer.

Earlier on October 8, Premier Energies informed the exchanges that it had signed a Module Supply Agreement (MSA) with BN Hybrid Power-1 Private Limited, a Special Purpose Vehicle (SPV) of BrightNight India.

As a part of the agreement, Premier Energies will supply 173.35 MWp of solar modules featuring the Topcon technology for BN Hybrid Power’s 300 MW Firm and Dispatchable Renewable Energy (FDRE) energy storage power project which is located in Barmer, Rajasthan.

The supply of these modules is slated to start in July 2025, the company said.

Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions, and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.

Shares of the company got listed on bourses earlier this year. The initial public offering (IPO) of Premier Energies was open from August 27 to August 29. The company raised about Rs 2,830.40 crore through its share sale, which included a fresh share sale of Rs 1,291.40 crore and an offer for sale of 3.42 crore shares.

At 1:13 pm, Premier Energies shares were trading 4.8 percent higher at Rs 1,158.15 on the National Stock Exchange (NSE). Since its listing in September, the stock has risen around 38 percent, outperforming Nifty's returns of around a percent during this period.

The company's consolidated net profit surged to Rs 198.16 crore in Q1 FY25 as compared with Rs 31.33 crore in Q1 FY24. Its net sales stood at Rs 1,657.37 crore, steeply higher than Rs 611.02 crore in Q1 FY24.