ACME Solar's Profits Surge Amid Solar Expansion

ACME Solar Holdings reported a notable increase in net profit, reaching Rs 112 crore in the December quarter, driven by higher revenues and significant capacity expansions. The successful commissioning of solar projects and strategic refinancing has bolstered the company's financial and operational standing.

ACME Solar Holdings, an integrated renewable energy firm, announced an impressive two-and-a-half-fold rise in its consolidated net profit to Rs 112 crore for the December quarter, a robust jump from the Rs 44 crore recorded in the same period last year, attributed mainly to increased revenues.

The company's total revenue soared to Rs 401 crore from Rs 365 crore the previous year, reflecting strong financial and operational performance, according to Chairperson Manoj Kumar Upadhyay. The commissioning of the 1,200 MW ISTS SECI Plant in Rajasthan marked a significant milestone, bringing ACME's operational portfolio to 2,540 MW.

With financing arrangements securing Rs 16,500 crore for under-construction projects, ACME tied up debt for 1,900 MW of capacity, reinforcing its expansive growth strategy and paving the way for its goal of a 10 GW portfolio by 2030.

(With inputs from agencies.)