RMC Switchgears was locked in upper circuit of 5% at Rs 789.05 after the electrical equipment company bagged an order the development of solar power project aimed at solarizing agricultural feeders in Maharashtra for Rs 201 crore.
The consortium has received three separate EPC contracts along with three-year operations and maintenance (O&M) contracts in the Ahmednagar district of Maharashtra.
According to company, These new orders not only reinforce RMC Switchgears role in advancing renewable energy but also significantly contribute to India’s climate action commitments under the Paris Agreement. The company is actively pursuing additional tenders exceeding 500 MWp and engaging with both public and private sector entities to achieve its ambitious goal of securing 1 GWp in renewable energy.
By collaborating with installation and commissioning experts across multiple states and leveraging its in-house team of skilled designers and supervisors, RMC is positioning itself at the forefront of the green energy revolution. The company’s expansion into solar projects helps reduce carbon emissions, fosters economic growth, and creates green jobs, thereby contributing to India’s goal of achieving 450 GW of renewable energy capacity by 2030, it added.
With a dedicated business development unit continuously seeking new opportunities, RMC’s efforts in the renewable sector are aligned with India’s ambitious environmental targets. This initiative underscores RMC’s commitment to innovation and sustainability, highlighting its role in helping India meets its climate goals and positioning the country as a global leader in renewable energy technologies.
Ankit Agrawal, CEO and whole-time director, RMC Switchgears, said: These contracts represent a significant step forward for us, enhancing our presence in Maharashtra as we work to broaden our impact in the renewable energy sector. The development of these 46′ MW (AC) solar photovoltaic projects not only underscores our commitment to driving the transition from fossil fuels to sustainable energy sources but also aims to provide a sustainable and reliable power supply to farmers in the region.
RMC Switchgears is primarily engaged in the business of ‘Switchgear Engineering, ‘ECI contracts for power distribution/ transmission sector.
The company reported standalone net profit of Rs 9.38 crore in H1 FY24 as against Rs 6.14 crore posted in H1 FY23. Net sales stood at Rs 87.42 crore in H1 FY24, up 50.6% year on year.
The company has current market capitalisation of Rs 813.38 crore on the BSE.
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First Published: Oct 09 2024 | 3:01 PM IST
