ACME Solar: Navigating Profits Amid Exceptional Gains
ACME Solar Holdings saw a 77% drop in net profit for Q4, primarily due to an exceptional gain in the previous year. Despite higher revenues, increased finance, and amortization costs contributed to lower profits. The company continues expanding its renewable energy portfolio across India.
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ACME Solar Holdings, a prominent name in the renewable energy sector, reported a significant 77% decline in consolidated net profit to Rs 122 crore for the March quarter. This downturn is chiefly attributed to the absence of an exceptional gain experienced in the same period last year.
The company had previously recorded an exceptional gain of Rs 696 crore from divesting 369 MW of operational solar assets in Punjab, Uttarakhand, and Karnataka in January-March FY24. This move saw their net profit surge to Rs 532.3 crore during Q4 FY24.
Despite the dip in profits, ACME's total income rose to Rs 539.2 crore from the previous year's Rs 318 crore. The firm remains a key player in India's renewable energy landscape, with expansions such as the commissioning of a Phase-II 112.5 MW solar project in Rajasthan.
(With inputs from agencies.)
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