Solar Industries India Ltd. Q3FY17 reports net profit at Rs. 47.52 crores, Y-o-Y growth 14.45 %

Commenting on the financial performance of the company, Manish Nuwal, Managing Director & CEO, Solar Industries India Limited said, “We delivered satisfactory results. There was a growth of 12.32% when we compare it on YoY basis. However, on QoQ basis the growth is 33% which shows a significant recovery. This growth came in spite of demonetization and translational losses, which is due to devaluation in foreign currency."

"We have taken effective steps to mitigate the losses arising from weakening of currency. As a result, the effect of translational losses will get minimized by Q4FY17. Operations in South Africa will commence from Q1FY18. It will take about three months for our product to get stabilized and get recognition within the local market," said he.

"As we said earlier, we are expecting further orders from defence. I am happy to announce that our current order book stands at Rs. 102.81 crores executable over FY18 against the previous Rs. 72.81 Crores. The company has participated in many RFI’s and more orders are expected to come in future. Our supply chain to defence sector is now getting streamlined, as a result we have made a sale of Rs. 6.35 crores in Q3FY17 and expect to cross 12 Cr in Q4 17," Nuwal said.

We continue to build on our core strengths to accelerate business growth and seek new vistas of opportunities to deliver on our stakeholder commitments,” he added.

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