PREMIERENE · Capital Goods
Premier Energies Ltd. reported revenue of ₹1,713 cr for October to December 2024, +140.6% on the year and +12.2% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹514 cr, a margin of 30.0%, +1,273 bps on the year and +505 bps on the quarter. It is the widest margin of the last 7 quarters (range 11.6% to 30.0%). Operating costs grew +103.6% against revenue growth of +140.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹255 cr, +493.0% on the year and +23.8% on the quarter, with earnings per share of ₹5.66. Profit before other income, one-offs and tax grew 433.9%, so 59 points of the headline growth came from outside the core business. The tax rate was 27% against an average of 23% over the previous 6 quarters, which weighed on profit this quarter.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated. The quarterly statements do not carry capacity commissioned, module prices and the order book; those come with the filing read.
On earnings per share of ₹20.11 over the last four quarters, the stock at ₹889.25 trades at 44.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹712 cr | ₹1,127 cr | ₹1,657 cr | ₹1,527 cr | ₹1,713 cr | ₹1,621 cr | ₹1,821 cr | ₹1,837 cr | ₹1,936 cr | ₹2,230 cr | ₹2,463 cr | ₹2,632 cr |
| YoY | — | — | +171% | +120% | +141% | +44% | +10% | +20% | +13% | +38% | +35% | +43% |
| EBITDA margin | 17.3% | 16.3% | 21.6% | 25.0% | 30.0% | 32.6% | 30.1% | 30.5% | 30.6% | 30.3% | 29.0% | 28.0% |
| Other income, % of PBT | 3% | 10% | 5% | 9% | 10% | 16% | 12% | 18% | 6% | 7% | 7% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 9% | 19% | 25% | 27% | 25% | 24% | 24% | 22% | 24% | 24% | 23% |
| Net profit | ₹43.0 cr | ₹104 cr | ₹198 cr | ₹206 cr | ₹255 cr | ₹278 cr | ₹308 cr | ₹353 cr | ₹392 cr | ₹457 cr | ₹472 cr | ₹462 cr |
| YoY | — | — | +539% | +289% | +493% | +167% | +56% | +72% | +54% | +64% | +53% | +31% |
| Core profit YoY | — | — | +516% | +295% | +434% | +200% | +51% | +54% | +51% | +79% | +63% | +51% |
| EPS | ₹1.64 | ₹3.95 | ₹5.93 | ₹4.57 | ₹5.66 | ₹6.16 | ₹6.83 | ₹7.89 | ₹8.65 | ₹10.08 | ₹10.45 | ₹10.24 |
| Flags | · | 1 | 1 | ✓ | 1 | ✓ | ✓ | 1 | 1 | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Premier Energies Ltd. reported revenue of ₹1,713 cr (+140.6% on the year) and net profit of ₹255 cr (+493.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +433.9% on the year, against +493.0% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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