It is an honor and privilege to present before you the 10thAnnual Report of Bright Solar. This is an exciting year for Bright Solar as it marks our10th Anniversary. It has been a wonderful journey so far as we continue toexpand our services each year and share in the continued success of our associates.During the course of last year and continuing we have survived a tough time. It has comeas a reality check for the whole solar industry that is trying to re-invent its ownculture. Surviving this time conveys our potential to lead the way for the bright future.
Since geffing listed on NSE in 2018 we have been extending ourknowledge and capabilities for venturing into new and unknown terrains to
set up new benehmarls in the industry.
As India have moved to 3rd largest solar market in the world. Theinstalled capacity reached 35.12 GW as of 30 June 2020. India has the lowest capital costper MW globally of installing solar power plants today.
With The Focus of Modi Government on Atma nirbhar Bharat Mission oneof the Key area is Solar PV Manufacturing Increasing end to end Power Availability as perrequirement and Cheap Power Supply to all. The Future looks promising and bright. We atBright Solar are committed to fulfilling Government's vision and with the leadership ofInternational Solar Alliance propel India's growth story in the field of
solar energy generation.
The Government of Gujarat Launched last year Solar Rooftops Scheme thatwill boost its acceptance across the state. Bright Solar participated in the scheme as avalued partner in nation building and I am happy to announce that we got orders to theextent of 3.01 Mega Watt in the First Year Itself. We are committed to provide the maximumcontribution for scaling the rooftop scheme benefits to the retail users.
The Total revenue from operation is ^ 2346.95 lacs compared to thePrevious year was ^ 5741.45 lacs. Which is 144.63% declined compared on Y-o-Y. The companyhas been awarded projects in FY 2019-20 which are ongoing and will be completed in FY2020-21. After January 2020 there were problems in supply chain which resultant inshortage of goods which resulted into delayed invoicing around ^ 6 crore and will reflectin FY 2020-21. Moreover the Profit after tax (PAT) in current year is ^ 51.58 lacscompared to the Previous year was ^ 234.11. which is 353.88% declined Y-o-Y. Reason fordeclined in PAT mainly because of decrease in sales of the company and higher cost ofgoods increased marketing activities and hired additional employees overhead expenses forthe Gujarat solar Rooftop project.
Solar is the tomorrow of energy. The conscience of a common man in thecountry is rapidly tilting towards it. We feel blessed and loved for having been awardedmultiple prestigious projects and are fully committed to diligently work to give the bestperformance across all the domains. We proactively and passionately endeavor to expand inscope and scale across all over the globe.
None of these was is or will be possible without your trustworthyunderstanding and overwhelming support. From the deepest reservoirs of my heart I onbehalf of the company extend my gratitude and promise you that we will never let you down.Let's join hands to walk through an amazing financial year of 2020-21 as well.
Piyushkumar Babubhai Thumar
Chairman & Managing Director