No. The 1.1 Crs. Is based on the March 2024 price but there may be an increase in the price from April 2024 as the cell efficiency was improved to 23.2 % from initial 17%.
However, company announced in May 2024 press release that they tied up with various buyers and blocked 80% of the FY24-25 capacity for DCR market.
So, my understanding is the price is fixed at the time of purchase order. Hence, i used 1.1 Crs/ MW. If price escalation was accommodated in the PO then the Rev and NPM will change accordingly.
Moreover, The plant operated at 75% capacity in Q1 as per the press release. Websol reported a revenue of Rs.112 Crs for Q1, my calculation is ((600/12)*75%*3))*1.1 = 123.5 Crs. Which is just 10% higher than the reported value. So, more or less the assumption is okay.
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