ACME Solar Holdings reported a significant rise in its consolidated net profit for the December quarter, posting Rs 112 crore—up 2.5 times compared to the same period last year, driven by increased revenues. The company had a net profit of Rs 44 crore in Q3 of FY24. Total revenue for the quarter stood at Rs 401 crore, a growth from Rs 365 crore during the same quarter in 2023.
Manoj Kumar Upadhyay, Chairperson & MD of ACME Solar Holdings, stated, “Our strong financial and operational performance in Q3 FY25 was fueled by significant capacity expansions.” He also highlighted the successful commissioning of the 1,200 MW ISTS SECI plant in Rajasthan, which boosted the company’s operational capacity to 2,540 MW, marking one of the largest single-day solar project commissions.
The company expects its operational portfolio to generate an annual EBITDA of Rs 1,750 crore to Rs 1,800 crore. ACME Solar also secured an additional 1,900 MW of capacity, bringing its under-construction portfolio to 4,430 MW. As of now, 86% of the company’s portfolio is tied to central counterparties, with power purchase agreements (PPAs) covering 53% of the under-construction capacity.
For financing its under-construction projects, the company secured Rs 16,500 crore in debt for 1,700 MW (38% of the UC capacity), and refinanced its operational portfolio with Rs 5,500 crore in debt at an average rate of 8.8% per year. This refinancing helped release Rs 650 crore in cash and lowered debt costs by 0.7%.
Additionally, ACME Solar confirmed 100% grid connectivity for its under-construction capacity and secured transmission capacity for an additional 2,000 MW of projects. ACME Solar Holdings is a fully-integrated renewable energy company with a diverse portfolio of solar, wind, and hybrid projects, aiming for a 10 GW contracted capacity by 2030.
