Solar Industries order book stands at Rs 1,745 crore as of Q2FY21

Solar Industries has declared the results for the quarter ended September 30, 2020, on Wednesday after the market hours.

The company’s consolidated revenue for the quarter Q2FY21 came in at Rs 587.25 crore as against Rs 506.56 crore in the corresponding quarter last year, registering a 15.9 per cent YoY increase.

Solar Industries has achieved an all-time high second-quarter revenue along with all-time quarterly revenue from overseas operations. This was on account of the strong recovery of its business during the quarter, demonstrated by sequential growth across all its geographies.

EBITDA for the quarter grew by 17.9 per cent YoY to Rs 125.88 crore as against Rs 106.73 crore in the corresponding quarter last year, with a corresponding margin expansion of 37 bps. EBITDA margin for the quarter stood at 21.4 per cent.

Meanwhile, its PAT for the quarter came in at Rs 67.63 crore as against Rs 86.61 crore in the corresponding quarter last year, with a YoY decline of 21.9 per cent.

Besides, the company has received an order from Singareni Collieries Company Ltd (SCCL) for the supply of explosives and initiating systems worth Rs 447 crore, which will be delivered over a period of two years.

It has also received the order for the supply of multi-mode hand grenade (MMHG) from the Ministry of Defence, Government of India. The contract is worth Rs 409 crore and will be delivered over a period of two years. This has increased the defense order book to Rs 702 crore.

The company’s total order book stands strong at Rs 1,745 crore as of September 30, 2020. Out of which, the order book from Coal India stood at Rs 601 crore, SCCL (a government-owned coal mining company) stood at Rs 442 crore while Defence stood at Rs 702 crore.