Websol Energy turns black in Q1 on revenue, operational performance; stock up 7%
Websol Energy System shares rallied 7 percent intraday Monday after the company turned profitable in June quarter on strong revenue as well as operational performance.
The Kolkata-based photovoltaic monocrystalline solar cells and modules manufacturer has posted a profit of Rs 9.5 crore in the quarter ended June 2017 against loss of Rs 0.3 crore in same quarter last year.
Revenue during the quarter grew sharply by 45.9 percent year-on-year to Rs 80.2 crore.
Operating profit surged more than 4-fold to Rs 14 crore compared with Rs 3.3 crore on year-on-year basis and margin expanded by 1,150 basis points to 17.5 percent.
Meanwhile, Websol has placed orders for expansion of its existing cell line facility from 200 MW to 250 MW.
Necessary advances has been made and commercial production will start from October 2017, it said.
At 15:09 hours IST, the stock price was quoting at Rs 117.95, up Rs 2.65, or 2.30 percent on the BSE.
Source: moneycontrol
