Websol Energy Systems Limited, a listed Kolkata-based manufacturer of solar cells and modules, posted a handsome improvement in performance during the December ending quarter of the current financial year.
The company is one of the largest merchant manufacturer of solar cells in India servicing the growing needs of the country’s renewable energy revolution.
The company reported a 21.3% improvement in revenuws during Q3FY21 over the preceding quarter. This was corresponded by profitable growth with a 373.8% increase in EBIDTA over the preceding quarter. The performance of the Q3FY21 was marked by an attractive EBITDA of Rs60.28cr, a significant improvement over the immediately previous quarter, indicated the growing competitiveness of the business. The improvement in performance was derived singularly from the manufacture and sales of solar cells.
“The improved performance of the company during the 3rd quarter is a reflection of the sharp turnaround in the ground realities of the RE sector in India,” said SL Agarwal, MD. “This improvement has been driven by forward looking Government in business quality. I am pleased to report that the company was able to moderate raw material costs as a percentage of revenues from 66% in the 2nd quarter to 63.5% in the 3rd quarter, strengthening overall margins and competiviness”.
The company reported an interest outflow of Rs2.77cr, which included Rs1.81cr of one-time penal interest for loans settled with lenders. The company reported a profit before tax of Rs53.63cr from operations in the third quarter compared with a profit before tax of Rs5.86cr in the seccond quarter.