Ecozen’s FY24 profit rises two fold, revenue up 57.2%
The company that manufactures solar-powered irrigation pump controller reported a 250% rise in yearly profit to Rs 20.19 crore
Ecozen on Wednesday reported a 57.2% rise in full-year revenue to Rs 464.45 crore compared to Rs 295.50 crore in 2023, helped by rising demand for its products, Ecotron and Ecofrost.
The manufacturer of solar-powered systems reported a 54.8% rise in its sale of products to Rs 377.14 crore. Revenue from its sale of services rose to Rs 81.31 crore compared to Rs 49.74 crore in the previous year.
Ecozen reported a 250% rise in its profit for the period to Rs 20.19 crore compared to Rs 5.77 crore helped.
The results come amidst increased focus on India’s solar sector that is currently seeing rising demand amidst favourable government policies, low costs of solar panels and regulatory solar energy targets set.
However, the company also reported a sharp rise in expenses for the period to Rs 439.49 crore compared to Rs 289.57 crore, bogged down by rise in cost of materials consumed along with increasing finance costs and employee benefit expenses.
Founded in 2010 by Devendra Gupta, Vivek Pandey, and Prateek Singhal, the company is valued at $54.7 million, as of April 23, according to data website Tracxn.
The company last raised $30 million in a mix of debt and equity in April from Nuveen and existing and new debt support from InCred Credit Fund and the US International Development Finance Corporation.
Ecozen has also disclosed plans to leverage its tech stack to enter new segments undergoing a transition to cleaner energy sources including mobility, retail and industry.
It is also looking to expand its offerings and presence into Africa and Southeast Asia.
(Disclaimer: The copy was updated to correct an error)
Edited by Megha Reddy