ACME Solar (ACMESOLAR) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue was Rs 14,662.67 million and net profit Rs 6,982.27 million, versus a net loss of Rs 31.74 million in FY23; results included substantial investment-sale gains.

• Portfolio at March 31, 2024 included 1,320 MW of operational solar capacity, 1,650 MW of contracted projects under construction and 2,380 MW of awarded projects under construction; subsequent PPAs added 1,060 MW of contracted capacity.

Financial highlights

• Consolidated revenue from operations rose to Rs 13,192.50 million from Rs 12,949.04 million; other income increased to Rs 1,470.17 million from Rs 664.69 million.

• Consolidated profit before exceptional items was Rs 1,607.81 million, versus a loss of Rs 548.37 million; exceptional items were Rs 7,490.90 million, lifting profit before tax to Rs 9,098.71 million.

• Consolidated net profit was Rs 6,982.27 million and EPS Rs 12.55, compared with a net loss of Rs 31.74 million and EPS of negative Rs 0.06 in FY23.

• Standalone revenue from operations was Rs 4,708.40 million versus Rs 4,685.91 million; net profit was Rs 4,195.63 million versus a loss of Rs 302.50 million.

• Standalone exceptional items of Rs 6,198.16 million included Rs 5,923.55 million profit on investment sales and Rs 274.61 million contingent consideration; pre-exceptional loss was Rs 1,016.45 million.

Outlook and guidance

• After year-end, PPAs were signed for 1,060 MW of awarded projects, increasing contracted under-construction capacity to 2,710 MW.

• Contracted solar-project construction commitments were estimated at Rs 51,440.03 million, compared with Rs 44,197.87 million in FY23.