Solex Energy Q4 profit more than quadruples to ₹58 crore; revenue climbs 3.5X

Gujarat-based solar solutions provider Solex Energy Ltd on Saturday (May 16) reported a 304% year-on-year rise in net profit for the fourth quarter at ₹57.9 crore, compared with ₹14.3 crore in the corresponding quarter last year.

Revenue for the quarter increased 248% year-on-year to ₹885.5 crore from ₹254.4 crore a year earlier. EBITDA rose 251% to ₹98.3 crore during the quarter, compared with ₹28 crore in the year-ago period. EBITDA margin stood at 11.1% for the quarter, compared with 11% in the corresponding quarter last year.

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The company said its board has approved the re-appointment of Dr Chetan Shah, who is retiring by rotation, as a director at the ensuing Annual General Meeting (AGM). The board also approved the re-appointment of Kalpeshkumar Patel, who is retiring by rotation, as a director at the ensuing AGM.

In a separate decision, the board approved the re-appointment of Dr Chetan Shah as Chairman and Managing Director of the company. The company further approved the re-appointment of Piyush Chandak as Whole-Time Director.

On Saturday (May 15), shares of Solex Energy Ltd ended at ₹1,325.00, up by ₹74.00, or 5.92%, on the NSE.

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