Swelect Energy Systems stock jumps 5% as subsidiary opens new solar plant

Shares of Swelect Energy Systems surged up to 5.19 per cent at Rs 1,151.50 per share on the BSE in Tuesday’s intraday deals. This came after the company’s subsidiary Swelect Clean Energy Private successfully commissioned an additional solar power plant.

At 10:44 AM, the stock price of the company recovered some of its losses and was trading down 1.78 per cent at Rs 89.20 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.55 per cent to 81,494.11 level. 

The solar power plant having a capacity of 7 megawatts (MW) is commissioned at Pisanathur Village and Pudunagar Village at Pudukottai District, Tamil Nadu on 1st October, 2024. 

The company specialises in the manufacturing and trading of solar power projects, focusing on off-grid solar photovoltaic modules using crystalline silicon technology (c-Si), as well as wind power generation. 

It offers contract manufacturing services, installation and maintenance, and sell solar photovoltaic inverters and energy-efficient lighting systems. Recently, we have expanded our product line to include UPS systems, achieving the highest number of installations in the country. 

Additionally, it has formed a technical collaboration with M/s High Performance Drives Inc., USA, to produce high-frequency MOSFET-based UPS systems and power conditioners.

The company reported a 3 per cent decline in revenue year-on-year, reaching Rs 66.38 crore in Q1FY25. Net profit also plunged by 48.15 per cent compared to the same period last year, totaling Rs 7.43 crore.

The company has a total market capitalization of Rs 1,732.87 crore. Its shares are trading at price to earnings valuation of 37.37 times with an earning per share of Rs 29.29. 

Swelect Energy Systems share price has outperformed the market as it surged 80.5 per cent year to date, while gaining 91.9 per cent in the last one year. In comparison BSE Sensex has risen 12.5 per cent year to date and 23.2 per cent in a year.