Good set of Q2 nos. Important to note that almost all the revenue came from CPP segment. 38MW of CPP orders energized in Q2. Out of 160 cr consolidated revenue, 14.5 cr was from IPP and 145.5 cr from CPP. This brings revenue of 1MW CPP to close to 4 cr.
Also crucial that 77MW of CPP orders and 9MW of hybrid orders are in hand. Bulk of this will be executed in next 6 months which will ensure that co reaches or exceeds 500 cr revenue for FY23.
So one should ask what is next for the company. BY FY23 end, they will have energised close to 100 MW in IPP and 184 MW in CPP segment.
the company aims to increase CPP total capacity to 750 MW by FY25. This will mean that they execute 550MW in FY24+FY25 or a total revenue of 2200 cr.
Remember FY22 CPP revenue will be 300 cr about. So the 2200 cr split could be 800+1400 or 700+1500 cr. either ways it means significant jump in the scale of operations.
The CPP is an asset light model and while IPP brings annuity revenue, it is capital intensive and the interest cost of 44 cr per FY is already substantial. Think the co. also recognises that and is focusing much more on CPP than IPP.
they have also got 9MW of solar+wind hybrid orders which should mean more revenue per MW than solar alone.
Will be very interesting to see how the co. shapes in FY24.
| Subscribe To Our Free Newsletter |
