Premier Energies (PREMIERENE) Q2 24/25 earnings summary

Executive summary

• Premier Energies, a leading Indian solar cell and module manufacturer with 29 years of legacy, expanded capacity to 2 GW for cells and 4.13 GW for modules as of September 2024.

• Recognized as the largest Indian solar cell exporter to the US, with modules rated as top performers in PVEL's 2023 and 2024 reliability scorecards.

• Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2024, and resolved to enter aluminium frame manufacturing for solar modules.

• Statutory auditors issued unmodified review conclusions for both standalone and consolidated results.

Financial highlights

• Consolidated revenue for Q2 FY25 was ₹15,535.92 million, up from ₹7,018.06 million in Q2 FY24 but down from ₹16,687.90 million in Q1 FY25.

• Consolidated net profit for Q2 FY25 was ₹2,059.46 million, compared to ₹1,981.60 million in Q1 FY25 and ₹528.58 million in Q2 FY24.

• Q2 FY25 revenue reached ₹1,553.59 Cr, up 121.4% year-over-year but down 6.9% sequentially from Q1 FY25.

• EBITDA for Q2 FY25 stood at ₹406.95 Cr, up 280.2% year-over-year and 9.9% sequentially; EBITDA margin improved to 26.19%.

• Export revenue in Q2 FY25 was ₹1,484.16 Cr, with domestic revenue at ₹136.11 Cr; module sales dominated revenue mix.

Outlook and guidance

• Expansion plans include a 1 GW TopCon cell line by Q4 FY25, a 4 GW integrated TOPCon facility by FY28, and 1.2 GW cell manufacturing in the US by FY26.

• IPO proceeds will fund a 4 GW Solar PV TOPCon Cell and Module facility in Hyderabad, supporting future growth.

• Board approved entry into aluminium frame manufacturing for solar modules, expanding product portfolio.

• 2 GW wafer manufacturing and 36,000 T aluminum frame manufacturing targeted for FY26.