New Delhi: Renewable energy player Premier Energies on Monday posted 55 per cent rise in consolidated net profit at Rs 307.8 crore for June quarter FY26, driven by increase in revenues from core businesses.The company, which is into manufacturing of solar cells and modules, had clocked a net profit of Rs 198.1 crore in the April-June period of preceding 2024-25 financial year.
In the first quarter, revenue rose to Rs 1,869.6 crore from Rs 1,668.7 crore in the year-ago period. Profit before tax also surged to Rs 402.9 crore from Rs 245.7 crore."The results reflect great progress on manufacturing and new projects fronts.
Our new cell line is one of the first TOPCon cell manufacturing plants in India and marks the company's foray into next generation of high efficiency solar technologies," MD & CEO Chiranjeev Saluja said.
The company will continue to support India's clean energy journey for 500 GW target by scaling up business with investments in cutting edge technologies, he said.
Premier Energies achieved successful commissioning of its new 1.4 GW module and 1.2 GW TOPCon (series) cell lines taking the total manufacturing capacity to 5.1 GW and 3.2 GW, respectively during the quarter.Commercial production at the new plants is expected to begin soon.The company is looking to expand its solar cell and module manufacturing capacity to 8.4 GW and 11.1 GW by June 2026.
It is also entering into allied areas like ingots and wafers, battery storage and solar inverters to become one of the largest fully leading integrated renewable energy equipment manufacturers globally.Last month, Crisil Ratings upgraded Premier Energies' long-term credit rating and short-term credit rating to A positive and A1, respectively.
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