Premier Energies reports stellar Q3 results with 12.2% sequential growth in topline and a 35% surge in EBITDA

Premier Energies Ltd. announced its quarterly results for the period ending December 31 after market hours on Monday, February 3. The company demonstrated a significant improvement in its financial performance, with key highlights including a 12.2 per cent sequential growth in topline and a 35 per cent increase in EBITDA from the previous year's 17.3 per cent.

The company's revenue increased by 140.6 per cent from last year to INR 1,713 crore. Margins also expanded, surpassing the INR 500 crore mark at INR 513.7 crore. Premier Energies had reported an EBITDA of INR 123 crore in the base quarter. The company had reported a net profit of INR 205 crore in the second quarter of FY2025. Net profit for the third quarter stood at INR 255.2 crore, which was aided by a jump in other income to INR 36 crore from INR 2 crore last year and a tax reversal of INR 21 crore.

The company's order book stood at 4,539 MW worth INR 6,946 crore at the end of the quarter, with 63 per cent belonging to modules and 36 per cent belonging to cells. Capacity utilisation at the end of the quarter for cells stood at 96 per cent, and for modules, it stood at 74 per cent.

Premier Energies also outlined its ambitious plans for expansion, aiming to achieve a 7 GW capacity for cells and a 9.1 GW capacity for modules by June 2026. However, the company's net debt saw an increase on both a sequential and year-on-year basis, standing at INR 1,917 crore at the end of the quarter, compared to INR 1,193 crore last year and INR 1,017 crore last quarter.

The company's shares recovered from the day's lows to close 1.8 per cent lower at INR 1,073, still below the post-listing high of INR 1,388.

During this quarter, among several other Indian solar manufacturers who have delved into solar module and cell production and are now expanding into in-house aluminium frame manufacturing, a crucial component of solar modules, joined Premier Energies, a prominent producer of solar modules and cells. The company has pledged an investment of INR 230 crore for this initiative.

For this, the Indian solar cell and module manufacturer has planned to establish a facility with an annual capacity of 36,000 tonnes for captive consumption. As of March 31, 2024, Premier Energies is India's second-largest integrated solar PV manufacturer, boasting an annual installed capacity of 2 GW for cell manufacturing and 4.13 GW for module manufacturing.