Premier Energies shares down 3% amid weak market; firm posts 55% rise in Q1 PAT at ₹308 crore

The company, which is into the manufacturing of solar cells and modules, had clocked a net profit of ₹198.1 crore in the April-June period of the preceding 2024-25 financial year.

In the first quarter, revenue rose to ₹1,869.6 crore from ₹1,668.7 crore logged in the year-ago period. Profit before tax (PBT) also surged to ₹402.9 crore from ₹245.7 crore seen in the year-ago quarter.

"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 the next generation of high-efficiency solar technologies," MD & CEO Chiranjeev Saluja said.

The company will continue to support India's clean energy journey for the 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.

Premier Energies share price performance

Shares of the company were trading 3.11% lower at ₹1,055.20 apiece on the NSE. Over the past six months, the stock has gained 20%.