Surana Solar Shines with Profit Surge in September Quarter

Surana Solar reported a net profit of Rs 32.69 lakh for the September quarter, rebounding from a loss in the previous year due to increased revenues. The company plans a Rs 200 crore fund raise and aims to make Surana Technologies a subsidiary for solar projects.

Surana Solar surprised the markets on Monday by posting a net profit of Rs 32.69 lakh for the September quarter, marking a significant turnaround from its Rs 145.47 lakh loss during the same period last year. This improvement was largely attributed to a steep increase in total income, which shot up to Rs 1,454.01 crore from Rs 308 lakh year-on-year, according to a BSE filing.

In a strategic move, the board approved a substantial capital raising proposal, targeting up to Rs 200 crore through various financial instruments. The funds could be raised via equity shares, convertible instruments, or other methods, contingent on shareholder approval.

Additionally, the board is contemplating converting Surana Technologies Private Limited into a wholly-owned subsidiary to spearhead solar projects. In further developments, Vempati Venkata Nagasri Durga Raja Sriramya has been appointed as the Company's Secretary and Compliance Officer, with the tenure starting from October 21, 2024.

(With inputs from agencies.)