Shares of Advait Energy Transitions Limited (formerly Advait Infratech) surged 5% to ₹1,488.25 on Monday, reaching an upper circuit following a significant work order from Karnataka Renewable Energy Development Limited (KREDL) and a Production-Linked Incentive (PLI) from SECI for a 200 MW project. The company’s market capitalization stood at ₹1,607.40 crore at the end of the trading session.
Key Orders Driving the Stock Rally
KREDL Work Order
Advait Energy Transitions secured a domestic work order from Karnataka Renewable Energy Development Limited for an extensive renewable energy project. The order involves the design, development, deployment, and maintenance of a web-based online portal and mobile application for implementing 40,000 off-grid solar pumps under the PM KUSUM Component ‘B’ scheme in Karnataka.
The project includes:
- SCADA software integration
- Cloud services, payment, and SMS gateway integration
- Configuration of RMS devices and SEDM portal
- Five-year operation and maintenance support for the SCADA platform
Execution is planned over one year, with the platform scheduled to go live within 30 days.
PLI Award for 200 MW Green Hydrogen Manufacturing
Advait Energy Transitions has also received a Letter of Award from the Solar Energy Corporation of India (SECI) under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Tranche-II). This PLI award supports the company in setting up a 200 MW manufacturing capacity for Alkaline Electrolysers in India, with execution spanning over the next five years.
Ace Investor Ashish Kacholia’s Stake in Advait Energy
Renowned investor Ashish Kacholia holds 2,88,185 shares, accounting for 2.67% of the company’s total stake as of September 2024.
Financial Performance
Despite the rally, Advait Energy Transitions saw a decline in revenue and profit in Q2FY24-25:
- Total revenue fell 4.2%, from ₹49.34 crore to ₹47.22 crore
- Net profit dropped from ₹5.5 crore to ₹4.34 crore
Conclusion
The recent work orders position Advait Energy Transitions as a key player in India’s renewable energy and green hydrogen sectors. While financial performance saw a slight dip, the company’s strategic wins indicate strong long-term growth potential.