Annual Report: 2022
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:
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.
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