Vikram Solar Unlisted Shares

Annual Report Summary

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.