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ACME Solar Records 152% YoY Growth in Q3 FY25 Profit

ACME Solar Holdings has reported an impressive 152% year-over-year (YoY) growth in Profit After Tax (PAT) for Q3 FY25. The company also achieved a staggering 632.5% increase in net profit on a Quarter-on-Quarter (QoQ) basis. The PAT margin stood at 28%, with the net debt-to-equity ratio maintained at 1.6x.

In Q3 FY25, ACME Solar's total revenue rose by 9.9% YoY and 35.8% QoQ, while its EBITDA increased by 15.7% YoY and 40.1% QoQ. The company’s total contracted portfolio expanded to 6,970 MW, and its operational portfolio surged to 2,540 MW, reflecting an 89.6% QoQ growth.

The company’s project pipeline saw notable progress, with 4,430 MW of capacity under construction (UC), including 1,250 MW of new projects secured in Q3. Of this, Power Purchase Agreements (PPAs) were signed for 2,340 MW, covering 52.8% of UC capacity. ACME Solar also arranged debt financing worth INR 16,500 crore for 1,700 MW of its UC capacity.

At the standalone level, which reflects the company’s in-house EPC operations, ACME Solar reported total revenue of INR 1,203 crore, EBITDA of INR 407 crore, and a cash PAT of INR 198 crore for the first nine months (9M) of FY25.

Consolidated Financial Highlights

For Q3 FY25, ACME Solar's consolidated revenue reached INR 401 crore, marking a 9.9% YoY growth. Consolidated EBITDA stood at INR 359 crore, with an EBITDA margin of 89.6%. PAT for the quarter was INR 112 crore, with a PAT margin of 28%. The company also reported a 52.5% YoY growth in cash PAT, which stood at INR 189 crore.

The company's net debt was reported at INR 6,882 crore, which includes INR 6,069 crore for its operational portfolio and INR 813 crore for UC projects. ACME Solar also refinanced INR 5,500 crore of its operational portfolio debt at an average interest rate of 8.8% per annum, leading to a cash release of INR 650 crore and a 70 basis point reduction in borrowing costs.

Operational Highlights

ACME Solar generated 2,499 million units of electricity during the 9M FY25 period, marking a 34.5% increase compared to the same period in FY24. The capacity utilization factor improved to 23.7%, up by 3.2% YoY. Additionally, plant availability and grid availability were recorded at 99.4% and 99.6%, respectively.

Manoj Kumar Upadhyay, Chairperson and Managing Director of ACME Solar Holdings, highlighted the company’s significant achievements, stating, “In Q3 FY25, we delivered strong financial and operational performance, supported by substantial capacity expansions. A key milestone was the commissioning of the 1,200 MW ISTS SECI Plant in Rajasthan, which brought our operational portfolio to 2,540 MW.”