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RMC Switchgears hits the roof on bagging LoA of Rs 90 cr As on : 17-Dec-24  11:40

The said LOA comprises 3HP, 5HP, and 7HP solar pump systems and is slated for completion in FY25-26.

RMC's recent order marks a significant milestone in India's clean energy transition, particularly in Maharashtra's push for 1.5 million solar pumps with an Rs 100 billion allocation to boost the agricultural sector. With over 100,000 solar pumps already installed, the state's program shows tremendous growth potential.

RMC's involvement positions the company to provide sustainable irrigation solutions for farmers and contribute to India's renewable energy goals. This project aligns with RMC's strategy to expand its solar EPC and IPP portfolio, strengthening its role in India's renewable energy sector.

The announcement follows RMC's recent decision to establish a state-of-the-art solar module manufacturing plant in Jaipur, Rajasthan, with an investment of Rs 100 crore. This backward integration strategy is aimed at reducing reliance on external suppliers and supporting the growing demand for solar modules in large-scale projects such as this solar pump initiative.

Ankit Agrawal, CEO and Whole-Time Director, RMC Switchgears, said: 'This LOA is a significant milestone for RMC's solar-based EPC business, showcasing our capabilities in delivering real-world solar solutions and aligning with Maharashtra's clean energy ambitions.

It reinforces the strategic rationale behind our investment in solar module manufacturing, enabling us to efficiently execute projects and contribute to the nation's renewable energy objectives. As we continue to expand our portfolio, this project represents another step forward in achieving our 'Vision-2030' goals.'

RMC Switchgears is primarily engaged in the business of switchgear engineering and ECI contracts for the power distribution/transmission sector.

On a full-year basis, the company's consolidated net profit jumped 26.8% to Rs 14.89 crore in FY24 as against Rs 11.74 crore posted in FY23. Revenue from operations surged 37.8% to Rs 172.63 crore in FY24 as compared to Rs 125.27 crore recorded in FY23.

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