Solar Industries Q4 Net Up 20% at Rs 66 Crore
On Friday, Solar Industries reported that there was 20 per cent increase in consolidated net profit at Rs 65.88 crore for the quarter ended March. The industrial explosives maker had posted a net profit of Rs 54.93 crore in the same quarter last year.
In the month of November, the industry has bagged order worth of Rs 1,143.63 crore from Coal India. This is for the supply of bulk explosives. The solar industries have bagged the running contract for supply of 375412MT bulk, which is explosive to the subsidiaries of the Coal India. The contract of the order is for 2 years. It was issued on November 1, 2017 and will be valid till October 31, 2019.
Coal India preserves all right to extend or close the contract, whenever they feel to do so. The quantity of the order can also be increased or decreased to the extent of 40 percent.
Impact of Solar Power Sector on Indian Economy
Power is one of the most significant mechanisms of infrastructure, which affects economic growth of nations. The expansion and progress of sufficient infrastructure is vital for constant augmentation of the economy. The power sector is responsible for providing the reliable and inexpensive power, which is crucial for its sustainable economic growth. The power sector must grow with the same rate of around 8-9% in order to grow the GDP rate. The consumption of the power by the industries and the corporation is increasing day by day, as a result many parts and corners of the country are untouched with supply of electricity even after the sustainable growth. However, India is still far behind the other developed countries in terms of power. The evaluated per capital consumption of India is 734(2008-09) kWh per annum, which is the lowest consumption as compared to other countries. The usefulness of electricity in India is of 288 GW as estimated on 31 January 2019.