Business Standard

ACME Solar slips 7% on posting weak Q2 results; PAT down 60% YoY

The company's profit after tax (PAT) for the second quarter ended September 30, 2024, stood at Rs 15 crore, down 60 per cent year-on-year (Y-o-Y), as compared to Rs 39 crore a year ago

Market, BSE, NSE, NIfty, Stock Market, investment, Loss, Lost

SI Reporter Mumbai

Listen to This Article

Newly listed ACME Solar Holdings shares declined 7.4 per cent in Tuesday's trade and logged an intraday low at Rs 239 per share on BSE. In comparison, the BSE Sensex was down 0.30 per cent at 79,869.66. The market capitalisation of the company stood at Rs 15,081.81 crore. 
 
The selling pressure in the stock came after the company posted weak Q2FY25 results after market hours on Monday.
 
The company's profit after tax (PAT) for the second quarter ended September 30, 2024, stood at Rs 15 crore, down 60 per cent year-on-year (Y-o-Y), as compared to Rs 39 crore a year ago. 
 
 
The company's revenue from operations for the quarter under review stood at Rs 260 crore as compared to Rs 323 crore a year ago, down 19.7 per cent.
 
 Its total income stood at Rs 295.1 crore as compared to Rs 356.9 crore a year ago. The company's total expenses, on the other hand, stood at Rs 38.8 crore as compared to Rs 33.7 crore a year ago. 
 
ACME Solar Holdings had made a disappointing debut on the bourses lower than Street's estimate on November 13, 2024. On BSE Sensex, the stock was listed at Rs 259 per share, which implies a decline of 10.3 per cent on the issue price of Rs 289 per share. 
 
On the National Stock Exchange (NSE), ACME Solar Holdings shares opened at Rs 251, slipping 13.14 per cent, over ACME Solar Holdings initial public offer (IPO) allotment price.
 
ACME Solar Holdings' IPO opened for subscription on Wednesday, November 6, 2024, and concluded on Friday, November 8, 2024. Through the IPO, the company aims to raise Rs 2,900 crore by issuing a fresh offering of 82,871,973 shares and an offer for sale of 17,474,049 shares with a face value of Rs 2 apiece. 
 
Established in 2015, ACME Solar Holdings is a leading player in the Indian renewable energy sector, specialising in solar and wind energy projects. As of March 2024, the company’s operational solar capacity reached 1,320 MW.
 
Since its listing, the stock has gained 1.8 per cent as compared to Sensex's rise of 1.8 per cent.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 26 2024 | 12:49 PM IST

Explore News