Avaada Electro (2596819D) Q4 23/24 earnings summary

Executive summary

• Achieved a net profit after tax of INR 225.62 million for FY 2023-24, reversing a net loss of INR 23.24 million in FY 2022-23, primarily due to other income as there was no revenue from operations during the year.

• Successfully commissioned a Module Manufacturing Facility with Topcon Cell Technology at Dadri, Uttar Pradesh in August 2024.

• No dividend declared for FY 2023-24; profits retained to strengthen financial position and augment working capital.

• Avaada Electro is a wholly owned subsidiary of Avaada Ventures Private Limited, with no subsidiaries, associates, or joint ventures.

Financial highlights

• Total income for FY 2023-24 was INR 302.37 million, entirely from other income; no revenue from operations.

• Profit before tax was INR 301.68 million, compared to a loss of INR 23.29 million in the previous year.

• Earnings per share improved to INR 0.57 from a loss per share of INR (0.06) year-over-year.

• Cash and cash equivalents stood at INR 4,020.49 million as of March 31, 2024.

• Equity share capital remained at INR 3,947.40 million; total equity increased to INR 4,147.74 million.

Outlook and guidance

• Plans to expand integrated manufacturing capacity to 10 GW in the long term, with a current 3 GW ingot-wafer, cell, and module facility and an additional 1 GW stand-alone module facility.

• Indian solar module demand expected to rise significantly, driven by government initiatives and global supply chain shifts.

• The company aims to leverage government PLI schemes and domestic content requirements to capture market share.