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Rhetan TMT solar project starts generating electricity for factory use
The small-cap company said its 1 MW captive solar project in Kadi, Gujarat has moved from commissioning to operations and is supplying power for manufacturing.
Rhetan TMT said power generation has commenced from its 1 MW, AC captive ground-mounted solar power project in Kadi, Gujarat, marking the successful completion of its renewable energy initiative. The company said the project now operates and is generating electricity for captive consumption at its manufacturing facility after statutory approvals and commissioning activities were completed.
In its filing, Rhetan TMT said the solar power project is expected to support manufacturing energy needs and help integrate renewable energy into its production operations. The company also characterized the operationalization of the project as part of its longer term strategy to strengthen manufacturing infrastructure and adopt sustainable energy solutions.
The development comes as the stock has faced heavy selling pressure in August, with shares down 30.0% year to date to ₹21.62, and down 38.0% from its 1-year high. For the June-ended quarter, the company reported revenue of ₹4.06 crore, with operating expenses exceeding revenue and a negative operating margin of 0.66%.
Rhetan TMT reported net profit of ₹3.16 crore for the June quarter, supported by other income of ₹4.45 crore, according to the report. The company also said in its FY25 annual report that it expects profitability to improve sustainably as it focuses on cost reduction, operational efficiency, and strategic expansion.