Vikram Solar Unlisted Shares

Annual Report Summary

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.