Vikram Solar (VIKRAMSOLR) Q4 22/23 earnings summary

Executive summary

• FY 2022-23 returned to profitability: consolidated revenue was ₹20,732.30 million, EBITDA ₹2,048.59 million and PAT ₹144.91 million, versus a prior-year loss of ₹629.40 million.

• Module capacity expanded from 2.5 GW to 3.5 GW; exports grew more than 200% YoY, driven primarily by US shipments.

• Priorities include scaling manufacturing and backward integration, growing exports and contract manufacturing, and improving cost and operational efficiency.

Financial highlights

• Consolidated revenue from operations rose to ₹20,732.30 million from ₹17,303.10 million; total income was ₹20,919.11 million.

• Consolidated EBITDA increased to ₹2,048.59 million from ₹714.14 million; PAT was ₹144.91 million versus a ₹629.40 million loss.

• Consolidated finance costs were ₹1,220.48 million, up from ₹1,028.74 million; depreciation and amortisation was ₹639.37 million versus ₹479.80 million.

• Consolidated basic and diluted EPS was ₹0.56, versus a loss per share of ₹2.43 in FY 2021-22.

• Operating cash flow was ₹1,954.30 million; investing cash outflow was ₹1,105.06 million and financing cash outflow ₹1,022.23 million.

Outlook and guidance

• Manufacturing capacity is targeted to reach 8.3 GW over the next few years, including a planned 3 GW solar-cell manufacturing capacity through backward integration.

• A PLI bid could add 3 GW of module capacity; planned expansions include Oragadam from 1.3 GW to 2.3 GW and Falta capacity to 3 GW.

• Focus areas include US exports, developer contract manufacturing, cost and supply-chain optimisation, and a stronger order book to support expansion and cash flow.

• New n-type TOPCon modules are in development: M10 variants are planned at 415–575 Wp and G12 variants at 620–705 Wp.