Vikram Solar (VIKRAMSOLR) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue rose 21.11% YoY to ₹25,109.90 million; EBITDA increased 114.08% to ₹3,985.79 million and PAT rose 450.10% to ₹797.18 million.

• Results reflected capacity expansion, strong solar module demand and cost optimisation; manufacturing capacity reached 3.5 GW.

Financial highlights

• Consolidated total income was ₹25,239.62 million vs ₹20,919.11 million in FY23; revenue from operations was ₹25,109.90 million vs ₹20,732.30 million.

• Consolidated EBITDA was ₹3,985.79 million vs ₹1,861.78 million; PAT was ₹797.18 million vs ₹144.91 million.

• Consolidated EPS was ₹3.08 vs ₹0.56; standalone PAT was ₹668.17 million vs ₹126.99 million.

• Operating cash flow was ₹1,520.24 million; investing cash outflow ₹636.91 million and financing cash outflow ₹810.26 million.

Outlook and guidance

• Manufacturing capacity target: 4.5 GW by FY25 and 10.5 GW by FY26; expansion includes a Tamil Nadu facility planned for 3 GW of cells and 6 GW of modules.

• PLI 2.0 approval supports the Gangaikondan expansion; a US manufacturing presence is planned through a phased approach.

• Commercial pipeline includes 16BB G12R and M10R TOPCon Hypersol modules, each targeted at up to 625 Wp for commercial launch in FY25.

• Management plans to build the order book to support higher production, while pursuing product innovation, global expansion and operational efficiency.