Vikram Solar (VIKRAMSOLR) Q4 21/22 earnings summary

Executive summary

• FY22 revenue rose 7.46% YoY to ₹17,303.10 million, while EBITDA fell to ₹714.15 million and the consolidated result swung to a ₹629.40 million net loss.

• A 1.3 GW Chennai facility lifted installed module manufacturing capacity to 2.5 GW; 501 MW of modules were manufactured and 622 MW shipped globally.

• Growth plans center on further manufacturing expansion, technology upgrades, and a proposed ₹1,500 crore IPO to fund an integrated cell and module facility.

Financial highlights

• Consolidated revenue from operations was ₹17,303.10 million versus ₹16,101.38 million in FY21; total income was ₹17,430.48 million.

• Consolidated EBITDA was ₹714.15 million versus ₹1,945.02 million; net loss was ₹629.40 million versus net profit of ₹381.93 million.

• Consolidated EPS was negative ₹2.43 versus positive ₹1.48; standalone net loss was ₹601.43 million versus profit of ₹371.41 million.

• Cost of materials and services consumed rose to ₹13,954.77 million from ₹12,163.34 million; finance costs were ₹1,028.74 million.

Outlook and guidance

• A new integrated Tamil Nadu facility is planned for 2 GW each of cells and modules by FY24; a successful PLI bid could expand the proposed facility to 3.6 GW.

• Falta capacity is planned to rise from 1.2 GW to 3 GW, with the upgrade expected by FY24 and M10/G12 technology adoption.

• Module development targets efficiencies above 23.30%; planned technologies include N-type M10, heterojunction, IBC and anti-soiling coatings.

• The IPO plan targets ₹1,500 crore in fresh equity proceeds for capital expenditure on the integrated 2 GW cell and module facility; the DRHP was filed in March 2022.