Out of the fresh proceeds that Saatvik Green Energy intends to raise, it plans to use ₹12.3 crore for the prepayment or scheduled repayment, in full or in part, of certain outstanding borrowings; ₹95.75 crore for investment in its wholly-owned subsidiary, Saatvik Solar Industries Private Limited, to repay or prepay certain outstanding borrowings; and ₹552.7 crore for setting up a 4 GW solar PV module manufacturing facility in Odisha.
Saatvik Green Energy Financials
The company has posted strong growth in both its bottom line and top line for the financial year ending March 2024. Its profit surged a whopping 2,017 per cent to ₹100.47 crore as of March 31, 2024, up from ₹4.74 crore as of March 31, 2023.
Its revenue from operations also witnessed robust growth of 78.76 per cent year-on-year for FY24, reaching ₹1,087.96 crore compared with ₹608.58 crore in FY23.
For the three months ended June 2024, its profit stood at ₹21.24 crore, and revenue was ₹245.97 crore.
About Saatvik Green Energy
Saatvik Green Energy is a leading solar module manufacturer with an operational capacity of about 1.8 gigawatts (GW). According to a CRISIL report, the company is one of the fastest-growing module manufacturing companies in India and one of the few integrated players with capabilities in both module manufacturing and engineering, procurement, and construction (EPC).
The company commenced manufacturing operations in 2016 and has expanded its annual installed capacity from 125 MW in fiscal year 2017 to approximately 1.8 GW in fiscal year 2024.
It currently operates two module manufacturing facilities in Ambala, Haryana, spread across a total land area of 724,225 square feet.
DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, while KFin Technologies is the registrar of the issue.
