Vikram Solar Unlisted Shares Annual Reports

Vikram Solar Unlisted Shares

Highlights Of The Fiscal Year 2023-24: The company, Vikram Solar, reported operational and financial growth, driven by its focus on innovation. Key financial data includes: Revenue of INR 25,109.90 million, EBITDA of INR 3,985.79 million, and PAT of INR 797.18 million. Operations manufactured 16,11,014 modules and shipped 878 MW globally with commissioned EPC projects totaling 1,400 MW. Environmental metrics include renewable energy usage at Falta plant at 8% and at Chennai plant at 10.3%, along with reduced water consumption at both plants. Social responsibility saw 299 new people added and CSR contribution of INR 3.08 million. Governance includes a six-member board, with 33% being women. Company Overview: Vikram Solar is a leading Indian solar energy solutions provider with a substantial production capacity of solar photovoltaic modules. Its vision is to become one of the most valuable solar companies worldwide, delivering benchmark sustainable energy solutions. Vikram Solar is a Tier 1 module manufacturer. The company has a leadership team led by Mr. Gyanesh Chaudhary and CEO Mr. Ivan Saha, and a workforce of over 1,500 employees. Business Verticals: Vikram Solar's business includes Photovoltaic (PV) Module Manufacturing, specializing in high-efficiency modules with PERC and TOPCon cell technologies, with capacities of 3.5 GW cumulative manufacturing capacity. It also includes Solar Engineering, Procurement and Construction (EPC), providing end-to-end solutions for solar projects across various sectors and terrains and Solar Operations and Maintenance (O&M), offering complete life cycle services to customers with its sustainable O&M business division. Vikram Solar's manufacturing facilities include Falta SEZ, Kolkata, with a 2.2 GW capacity, and Oragadam, Chennai, with a 1.3 GW capacity. Upcoming facilities include Gangaikondan, Tamil Nadu (3 GW cell and 6 GW module) and a solar PV manufacturing facility in the USA. The company has various certifications, including ISO 14001:2015 for environmental management systems and ISO 9001:2015 for quality management systems. Vikram Solar has a strong global footprint, with a presence in 32 countries, offices across the world, and has installed 5 GW+ modules globally. Key markets include India, the USA, and Europe. Vikram Solar has a robust distribution network with 30+ distributors across India, and the company has achieved a 61.58% export revenue in FY 2023-24. Innovations and Advancements: Vikram Solar is known for high-efficiency modules, and has been recognized as a 'Top Performer' in the PVEL PV Reliability Scorecard and as a Tier 1 module manufacturer by BloombergNEF. The company's recent milestones include a partnership with the Indian Institute of Chemical Engineering and has secured a module supply contract with NTPC. Key offerings include: High efficiency N-TOPCon PV Module(Hypersol); High efficiency bifacial glass-glass PV Module (Paradea), High efficiency monofacial PV Module (Somera), and High efficiency bifacial Glass to transparent Backsheet Pv Module(Prexos). Project Highlights: In FY 2023-24, Vikram Solar achieved significant milestones and notable projects in the renewable energy sector, solidifying our position as a leader in solar power installations across India. Some project highlights include the commissioning of a 300 MW solar plant for NTPC at Nokhra, Rajasthan. The company is also working to deploy a 56 MW solar plant, utilizing both floating and ground-mounted installations, in Kawas, Gujarat. Financial Performance: Vikram Solar’s revenue increased to INR 25,109.90 Million. The company's revenue mix for 2023-24 was primarily from PV Modules (97.34%) and also EPC (2.66%). Its geographic revenue mix was also primarily International Sales (61.58%), with Domestic Sales at 38.42%. Revenue, EBITDA, PAT, and net worth have all increased significantly. Chairman’s Insights: Vikram Solar thrived in solar energy, solidifying its position as one of India's largest solar solution providers. The strategic initiatives include innovation, passion, and a focus on sustainability. The company has aligned with India's Aatmanirbhar Bharat vision and strategic initiatives in India are accelerating the transition to sustainable energy. Strategic efforts are dedicated to leveraging our position in the solar industry, playing a critical role in sustainable change, and creating a future powered by clean renewable energy. Vikram Solar isn't just a name in solar energy; it's a driving force shaping the future of clean power. CEO’s Review: Ivan Saha highlights Vikram Solar's strong financial performance in 2023-24, marked by significant revenue growth and improved EBITDA. Capacity expansion is a priority, and the company is positioned to solidify its role as a leader in solar solutions. CFO’s Communique: Narayan Lodha emphasizes fiscal prudence, strategic investments, and sustainable growth for Vikram Solar in the renewable energy sector. The company aligns investments with strategic goals and is managing risks effectively. The commitment of innovation and a strategic focus on India's renewable energy journey. Leadership Team Overview: Krishna Kumar Maskara emphasizes financial stewardship and compliance with regulations. Neha Agrawal stresses a sustainable strategy to expand globally, invest in solar technology, ramp up production, and create partnerships. Kunal Motwani focuses on a global business strategy and support. Santosh Goyal highlights strategic commercial outreach and corporate stewardship. Integrated Value Creation Framework: Vikram Solar emphasizes long-term value creation through the effective utilization of various forms of capital. This framework focuses on financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital, and natural capital. Operating Landscape: Renewable energy is at a defining moment. By 2030, the world aims to triple global renewable capacity with a 95% focus on solar and wind energy. Statutory Reports: The report includes details regarding the Board, committees, audit, financial data, and various compliances. Forward-looking statements in the report are subject to risks, and the company undertakes no obligation to update them.

Vikram Solar Unlisted Shares

Vikram Solar Limited's consolidated financial statements for the period April 1, 2022, to March 31, 2023, reveal general company information, auditor details, balance sheet figures, and a statement of profit and loss. All monetary values are expressed in millions of INR unless specified otherwise. **General Information:** * The company's name is Vikram Solar Limited, with corporate identity number U18100WB2005PLC106448, and permanent account number AABCI5168D. * The registered office is located in Kolkata, West Bengal. * The company operates in the commercial and industrial sector. * The financial statements cover the period from April 1, 2022, to March 31, 2023, and are consolidated. * The presentation currency is INR, rounded to the nearest million. * The cash flow statement uses the indirect method. **Auditor's Report:** * The auditor is Kedia Singhania & Co., with Amit Singhania signing the report. * The audit firm's registration number is 0126519W, and the membership number of the auditor is 304102. * The auditor's address is in Mumbai, Maharashtra. * The audit report was signed on June 27, 2023, and the SRN of form ADT-1 is F61157863. * The auditor's report is unqualified but includes emphasis of matter paragraphs, and there are reservations in the auditors' report. The Companies (Auditor's Report) Order, 2020 ("the Order") is applicable. * Emphasis of Matter notes: * Payment of safeguard duty amounting to Rs. 1485.20, considered as receivable. * Rs. 833.97 million withheld/recovered by customers related to EPC contracts. * Remuneration paid to the Managing Director and Executive Directors exceeded the limit by Rs. 13.67 million **Balance Sheet (as of March 31, 2023):** * **Assets:** * Total non-current assets: ₹7,233.54 million (including property, plant, and equipment of ₹6,332.15 million and capital work-in-progress of ₹170.45 million) * Total current assets: ₹17,529.37 million (including inventories of ₹3,732.45 million and trade receivables of ₹9,589.59 million) * **Total Assets:** ₹24,762.91 million * **Equity and Liabilities:** * Total equity attributable to owners of parent: ₹3,651.95 million * Total non-current liabilities: ₹8,148.93 million (including borrowings of ₹2,142.27 million) * Total current liabilities: ₹12,962.03 million (including borrowings of ₹5,235.6 million and trade payables of ₹4,458.74 million) * **Total Equity and Liabilities:** ₹24,762.91 million **Statement of Profit and Loss (for the year ended March 31, 2023):** * Revenue from operations: ₹20,732.3 million * Other income: ₹186.81 million * **Total Income:** ₹20,919.11 million * Total expenses: ₹20,730.37 million * **Profit Before Tax:** ₹188.74 million * Total tax expense: ₹43.83 million * **Total Profit (Loss) for the Period:** ₹144.91 million * Total comprehensive income OCI components presented net of tax: ₹139.08 million * Basic and Diluted Earnings Per Share (EPS): INR 0.56 **Cash Flow Statement (Indirect):** * Net cash flows from operating activities ₹1,954.3 million. * Net cash flows from investing activities ₹-1,105.06 million. * Net cash flows from financing activities ₹-1,022.23 million. * Net decrease in cash and cash equivalents ₹-172.37 million. * Cash and cash equivalents cash flow statement at end of period ₹16.31 million. **Accounting Policies:** * The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS). * The historical cost convention is followed, except for certain financial instruments measured at fair value. * Revenue is recognized when control of goods or services is transferred to the customer. The company uses the proportionate completion method. * Property, plant, and equipment are depreciated using the straight-line method based on the estimated useful life. * Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized. * The consolidated financial statements include the financial statements of Vikram Solar Limited and its subsidiaries. * In the given document, the management also gives emphasis on significant accounting judgements, estimates, and assumptions, fair value measurements and contingent liabilities. **Auditor's Report Considerations:** * The report mentions a possible impact because the Company has an arguable case, and it is hoped that the process will be resolved in favor of the Company and is not adjusted in the financial statements. **Other Key Highlights:** * The financial statements also contains discussion on legal and regulatory requirements, as well as significant accounting policy, changes in accounting estimates and errors * A significant portion of the report relates to detailed notes on various balance sheet and income statement items, providing breakdowns of asset classes, revenue components, financial instrument classifications, and contingent liabilities. This information offers a granular view of the company's financial structure and performance.

Vikram Solar Unlisted Shares

The Big Leap: Vikram Solar's FY 2021-22 Summary Vikram Solar aims to be a leading global integrated solar energy solutions provider. Key highlights for the fiscal year 2021-22 include: * **Financial Performance:** Total revenue was ₹17,303.10 million, EBITDA was ₹714.15 million, and gross block was ₹6,852.47 million. * **Operational Growth:** 622 MW of modules were shipped globally. Vikram Solar introduced 9 modules with different Watt Peak capacity. Strategic expansion is underway to increase capacity to 7.9 GW from 2.5 GW. Vikram Solar is helping power India's Solar dream of 280 GW by 2030. Product efficiency is increasing, targeting 23%. * **Manufacturing Prowess:** Vikram Solar has become one of India's largest solar module manufacturers by adding a new facility in Chennai, with high automation levels and Industry 4.0 standards. * **Product Excellence:** Featured as a top performer in the PV Evolution Labs (PVEL) PV Module Reliability Scorecard 2022 for its half-cut-cell, multi-busbar bifacial PV modules. * **Global Presence:** Expanding its presence in 32 countries. The company offers end-to-end solar solutions, including high-quality PV modules, Engineering, Procurement and Construction (EPC), and Operations and Maintenance (O&M) services. Its core values include hiring and developing the best talent, innovation, simplicity, earning trust, striving for excellence, and customer obsession. Vikram Solar maintains technologically advanced manufacturing facilities in Falta, West Bengal, and Oragadam, Tamil Nadu. These facilities produce cost-effective, high-performance solar PV modules. They have adopted lean manufacturing and Six Sigma. They have been featured multiple times as a top performer in the PVEL's PV module reliability scorecard. The company's EPC and O&M offerings provide revenue visibility and enhance profit margins. The management team is experienced, with an advisory board of industry experts. Vikram Solar is one of India's largest module manufacturers with 2.5 GW installed capacity. The company has invested in a 1.3 GW manufacturing plant in Chennai, compliant with Industry 4.0 standards. Vikram Solar's brand portfolio includes: Somera (economical modules), Prexos (rooftop modules), Solivo (smart modules), and Paradea (bifacial modules). The company is among the top five EPC players in India, executing over 300 EPC projects with aggregate capacity of 1420 MW, of which 413 MW is under execution. In addition, they have over 190 rooftop projects with an aggregate capacity of 81.35 MW, including projects under execution. The company offers integrated life cycle O&M services, including repairs and ongoing maintenance. In 2011, they installed a 3 MW project under the National Solar Mission. Ranked as India's only Tier 1 module manufacturer in 2014. Chairman Hari Krishna Chaudhary stresses reinforcing core business elements like capacity, people practices, technology, governance, and societal contribution. He also highlights integrating ESG principles, reducing environmental footprint, and nurturing employees. Vice Chairman Gyanesh Chaudhary highlights plans to achieve 500 GW of renewable energy capacity in India by 2030, calling for greater energy security. He discusses a completed key 85 MW project for NTPC, Bilhaur, rooftop installations (5.3 MW for IOCL and others), funding for capacity expansion via equity markets, and increased domestic and international orders. CFO Krishna Kumar Maskara emphasizes efficient O&M for solar modules, customers interests, and the importance of recruitment, training, and efficient operations. The company has taken strategic steps, as noted by Chief Revenue Officer Suman Nag, to focus on policy tailwinds, local engagement, and technology. They have strengthened distribution networks. Chief Human Resource Officer Arindam Chakraborty notes people have been key drivers of Vikram Solar's success, prioritizing inclusion and diversity and skills enhancement. The Project Order Book comprises of the following: Dalmia Ariyalur (9.24 MW), Dalmia-Lanka (16.72 MW) and WBPDCL (10.00 MW). Key focus areas for EPC involve installation, renewable purchase obligations and project management initiatives. Rooftop projects attract a significant amount of customer interest. In the area of ground-mounted solar arrays, there are plans to build one with 85 MW capacity. Financial resources include Net Worth of ₹3,512.87 Million. Manufacturing assets consist of cumulative capacity of 2.5 GW. 1657 employees are staffed with. Strategic priorities consist of Boosting sales Capacity expansion, Product excellence, Digitization and Internal process control. The vision statement for the company is that we will reach all of you with our knowledge, competence and efforts to make healthy and prosperous India. We will develop in rural areas too so that maximum benefits in all sectors come out in such form. And more importantly, we create world class technology, better awareness and education, better skills and knowledge to new generation so that, everyone can live good quality life, increase economy and employment. Vikram Solar won an innovative project and jury choice award at the ICC's 2nd Green Urja and Energy efficiency award event in 2022. Vikram Solar won 2 awards in the category of EPC and outstanding Product Innovation of the Year from solar quarter's India Utility Solar Week Awards 2021. Vikram Solar enabled the Kolkata Port Trust to reduce its carbon footprint with a 1 MW solar project. Vikram solar enables is one of many achievements for the company as they continue on their journey and will continue their work to provide unmatched products and solutions through technology.

Vikram Solar Unlisted Shares

Vikram Solar 2020-21 Annual Report Summary: Vikram Solar, founded by Vikram Group, is a leading solar energy solutions provider specializing in manufacturing efficient solar photovoltaic (PV) modules and delivering comprehensive Engineering, Procurement, and Construction (EPC) solutions. The report highlights the company's journey over the last 15 years, underscoring its commitment to sustainability and innovation. **Corporate Overview & Strategy:** * **Manufacturing Excellence:** Vikram Solar has grown from a 40 MW module manufacturing capacity to 1.2 GW, with plans to establish a new 1.3 GW facility in Tamil Nadu, increasing total capacity to 2.5 GW. The goal is to further expand the Tamil Nadu facility to 3 GW within 5 years and 4.2 GW eventually. * **Technology and R&D:** Emphasizes pioneering technologies, equipment from leading countries, and a focus on R&D, including collaborations with institutions like National Solar Energy Institute (INES) and University of New South Wales (UNSW). * **Aatmanirbhar Bharat Vision:** The company aligns its vision with the government's Aatmanirbhar Bharat initiative, aiming to strengthen India's solar manufacturing prowess and ecosystem. * **Job Creation & Community Development:** Over the last 15 years, Vikram Solar has created 1,962+ jobs. A new facility in Tamil Nadu is expected to generate 5,000 more jobs in the next 5 years. The company has won awards for employment generation. **Global Presence & Exports:** * **Global Reach:** Supplied over 3.5 GW of PV modules across 6 continents, making it a leading PV module exporter from India. Focused markets include the US, Belgium, Bhutan, Canada, Denmark, Germany, Ghana, Nepal, Netherlands, New Zealand, Poland and Saudi Arabia * **Awards & Recognition:** Recognized with Export Excellence Awards by the Federation of Indian Export Organisations (FIEO). **EPC & Project Execution:** * **Project Portfolio:** Delivering over 1,441 MW of solar capacity in India, including ground-mounted and rooftop projects. Manages a 970 MW operation and maintenance portfolio worldwide. **Product Innovation:** * **Next-Gen Modules:** Introducing Series 6 modules, Somera and Prexos, incorporating M6 cell technology. Also planning Series 10 modules with M10 cells. * **IEC and BIS certifications:** Certifications for G1 cell modules and Series 6 modules, ensuring quality and performance. * **Technology Development:** Emphasizes the development of inventive technologies to address customer expectations in terms of cost, space optimisation, energy demand, and reliability. **Financial Performance:** * **Revenue:** ₹16,100.90 MN (FY 2020-21). * **EBITDA:** ₹1,945.63 MN (FY 2020-21). * **Net Worth:** ₹4,143.72 MN (FY 2020-21). * **Gross Block:** ₹5,955.50 MN (FY 2020-21). * **Export Revenue:** 11.47% of total revenue, indicating growth in exports. **Corporate Social Responsibility (CSR):** * **Community Support:** Various programmes undertaken, including food distribution, pandemic-special kits, and support for education, totaling ₹9.79 Million. The focus remains on equitable education and access to healthcare. **Leadership & Governance:** * **Board Composition:** Includes details of the Chairman, Managing Director, Independent Directors, and Whole-time Directors, with information on their backgrounds and expertise. * **Committee Structure:** Details on various committees of the board, including Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, and Stakeholders Relationship Committee. **Looking Ahead:** * The document details Vikram Solar’s expansion plan into India's domestic solar manufacturing in a way that allows for technological innovation and India’s renewable energy target realization. The company’s Chairman is confident that these factors will ensure future growth.