Insolation Energy gains on securing Rs 372-cr new orders

Insolation Energy rallied 3.03% to Rs 259.80 after the company announced that it had received two orders totaling Rs 372.20 crore from Rajasthan Renewable Energy Corporation (RREC) and Teerth Gopicon.

The first order was awarded by Rajasthan Renewable Energy Corporation (RREC) for the design, supply, erection, testing, and commissioning of rooftop solar systems. This includes comprehensive operation and maintenance for 25 years from the date of commissioning.

The said project will be implemented on state government buildings and state government undertakings across three districts in Rajasthan: Jaipur, Dausa, and Churu, under the Hybrid Annuity Mode. The aggregate sales consideration for this order is Rs. 340.20 crore.

The second order was received from Teerth Gopicon for the supply of 46,297 solar photovoltaic (SPV) MONO crystalline modules, aggregating to Rs 32 crore.

Both orders are expected to be executed in the financial year 2025-26.

Insolation Energy is engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes.

On a full-year basis, the companys consolidated net profit soared 419.4% to Rs 55.47 crore on 163.9% surge in revenue from operations to Rs 737.17 crore in FY24 over FY23.

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