During the previous fiscal year, Loom Solar, a provider of solar energy solutions, was able to increase its operational revenue by about three times. Notably, the company situated in Faridabad also tripled its profit in FY24.
According to Loom Solar's financial documents obtained from the Registrar of Companies (RoC), the company's operating revenue increased by 2.9X to Rs. 151.5 crore in the fiscal year ended March 2024 from Rs. 53 crore in FY23.
Manufacturing and selling solar panels, inverters, batteries, and other solar equipment, Loom Solar is a direct-to-consumer solar energy company. These products were the source of its whole FY24 collection.
The biggest expense for Loom Solar was the cost of materials, which increased by 192.9% to Rs. 123 crore in FY24. The cost of employee benefits increased by 150% to Rs. 5 crore. In the meantime, transportation costs increased by 181% to Rs. 4.5 crore, while other operating expenses amounted to Rs. 7.5 crore. The company's overall expenses increased from Rs. 51 crore in FY23 to Rs. 140 crore in the most recent fiscal year, a 2.7X increase.
Despite the growing expenses, Loom Solar's emphasis on revenue growth and cost reduction resulted in a 3X increase in net profit to Rs. 9 crore in FY24. Both the company's EBITDA margin and Return on Capital Employed (ROCE) increased to 9.31% and 37%, respectively. During the previous fiscal year, Loom Solar spent Re 0.92 per unit to generate one rupee of operating revenue.
