Alpex Solar Ltd Management Discussions

Indian Economy

India, the worlds fastest-growing major economy, maintained its growth momentum in FY25, amid geopolitical concerns, albeit at a moderate pace due to a high base effect. India recorded a GDP growth of 6.5% in FY25, supported by resilient consumer spending, improving rural demand, expansion in services and a growing contribution of high-value manufacturing to exports.

Inflation and Monetary Policy

Annual inflation eased to 4.6% in FY25 from 5.4% in the previous year, driven by a decline in commodity prices. This moderation in inflation prompted the Monetary Policy Committee (MPC) to reduce the repo rate twice during the fiscal year·the first such move in five years·cutting it by 50 basis points from 6.5% to 6.0%.

The lower interest rate environment, coupled with easing inflationary pressures, supported a strong rebound in consumer sentiment, as reflected in the robust 7.2% growth in Private Final Consumption Expenditure (PFCE), up from 5.6% in the preceding fiscal year.

Agricultural, Manufacturing and Industrial Activity

In FY25, the agriculture sector grew by 3.8%, the industry sector expanded by 6.2%, and the services sector recorded a robust growth of 7.2%. The core sector maintained stable momentum, registering a 4.6% growth.

India Manufacturing PMI rose to 58.1 in March 2025, exceeding the flash estimate of 57.6 and Februarys 56.3, marking the highest level since July 2024. New orders and output saw their biggest increase in eight months, while buying levels reached a seven-month high.

India witnessed a sharp rise in power demand, leading to a 6.6% increase in electricity consumption to 148.15 billion units (BU) in March 2025, up from 138.95 BU in March 2024. As a result, cumulative electricity output for FY25 registered a 5.1% growth over the previous year, reflecting the countrys rising energy needs amid climatic and economic shifts. Notably, the urban unemployment rate did not increase until the third quarter of FY25.

The annual GST collections increased by 9.98% to C 16.75 Lakh Crore in FY25, reflecting strong economic activity and improved compliance.

External Sector Activity

India reported a current account deficit of US$23.3 billion in FY2024-25, representing 0.6% of GDP. Despite global headwinds, this modest deficit was offset by robust net invisible receipts, driven by strong services exports and resilient remittance inflows, which helped narrow the merchandise trade gap. Between April and December 2024, services exports grew by 11.6%, while total exports rose 6.0% year-over-year, highlighting sustained momentum in external trade. This contributed to Indias foreign exchange reserves reaching a record US$688.13 billion by April 2025, reinforcing the nations strength in its external sector and macroeconomic stability.

Outlook

Indias economy is projected to grow at a moderate pace of 6.36.8% in FY26, given the high base of the previous year. Despite this, India is expected to remain one of the fastest-growing major economies, making a meaningful contribution to global growth.

While growth prospects remain robust, several external uncertainties·such as a potential global slowdown, escalating geopolitical tensions, newly imposed U.S. tariffs, and trade- related disruptions·pose downside risks. On the domestic front, subdued urban demand, rising food inflation, and weak capital formation may further weigh on economic momentum.

Times, Trading Economics)

(https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-

outlook-april-2025)

(https://www.business-standard.com/economy/news/india-s-gdp-growth-projected-at-6-4-for-

fy25-6-5-for-fy26-ey-report-125033000160_1.html)

(https://mospi.gov.in/sites/default/files/press_release/NAD_PR_30may2025.pdf)

(https://www.acuite.in/pdf/Core_sector-Apr-25.pdf)

(https://www.indiatoday.in/business/story/rbi-bulletin-india-gdp-growth-economy-inflation-

reserve-bank-of-india-2654906-2024-12-24)

(https://www.livemint.com/economy/india-q3-gdp-growth-indias-economic-growth-accelerates-

to-6-2-in-december-quarter-fy25-growth-pegged-at-65-11740738881837.html)

(https://pib.gov.in/PressReleseDetailm.aspx?PRID=2111647&reg=3&lang=1)

(https://cfo.economictimes.indiatimes.com/news/economy/wholesale-inflation-accelerates-to-2-

38-in-february-from-2-31-in-january/119105582)

(https://www.pib.gov.in/PressReleasePage.aspx?PRID=2122148)

(https://pib.gov.in/PressReleasePage.aspx?PRID=2122148#:~:text=Retail%20Inflation%20

Eases%20for%20Third,stable%20environment%20for%20economic%20growth)

(https://economictimes.indiatimes.com/news/economy/policy/rbi-mpc-2025-repo-rate-change-

announcement-key-highlights-and-economic-impact/articleshow/120114106.cms?from=mdr)

(https://pib.gov.in/PressReleasePage.aspx?PRID=2097921)

(https://tradingeconomics.com/india/manufacturing-pmi)

(https://economictimes.indiatimes.com/news/economy/finance/gst-collections-for-march-at-rs-

1-96-Lakh-Crore-up-9-9/articleshow/119858679.cms?from=mdr)

Indian Renewable Energy Sector

Indias renewable energy sector made significant advancements in FY25, with a total installed capacity of 220.10 GW, according to the Ministry of New and Renewable Energy (MNRE). This reflects a year-on-year increase of 29.52 GW from 198.75 GW in the previous fiscal, reinforcing Indias steady progress toward its 2030 target of 500 GW non-fossil fuel capacity under the Panchamrit climate commitments.

Solar energy emerged as the principal growth driver, accounting for 23.83 GW of new installations, significantly higher than the 15.03 GW added in FY 2023-24. Indias cumulative solar capacity rose to 105.65 GW, comprising:

• 81.01 GW from ground-mounted systems

• 17.02 GW from rooftop solar

• 2.87 GW integrated with hybrid projects

• 4.74 GW from off-grid applications

The data underscores widespread adoption across utility-scale and decentralised segments, cementing solar energys role in the national energy transition.

Wind energy also maintained positive momentum, adding 4.15 GW in FY 2024-25, compared to 3.25 GW in the prior year, bringing the total installed wind capacity to 50.04 GW. This steady expansion reflects winds strategic role in portfolio diversification.

Other renewables contributed meaningfully:

• Bioenergy: 11.58 GW installed, including 0.53 GW from off- grid and waste-to-energy

• Small hydro: 5.10 GW installed, with 0.44 GW

under development

These segments enhance regional access and grid resilience.

Pipeline strength remained robust, with:

• 169.40 GW under implementation

• 65.06 GW tendered

• 65.29 GW dedicated to advanced clean energy formats·e.g., hybrid systems, RTC power, peaking capacity, and thermal- renewable bundles

These innovations address intermittency and improve dispatchability, fostering grid reliability.

Forward outlook: MNRE is expected to intensify support through focused policies and strategic financing. The green hydrogen initiative is gaining traction, with targeted cost- reduction strategies and investment incentives. Simultaneously, Indias scaling of domestic manufacturing for solar modules and wind turbines is positioning the country as a global hub for RE equipment.

Infrastructure investment·especially in interstate transmission· will further support grid integration and enable efficient evacuation of renewable power from high-resource states such as Rajasthan, Gujarat, and Madhya Pradesh. Collectively, these measures reinforce Indias long-term climate ambition and energy security.

(Sources: DDNews, PIB)

(https://ddnews.gov.in/en/india-achieves-record-growth-in-renewable-energy-capacity-in-

fy-2024-25/#:~:text=energy%20in%20India-,India%20achieves%20record%20growth%20

in%20renewable%20energy%20capacity%20in%20FY,centralized%20and%20decentralized%20

energy%20solutions.)

(https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID=2094992#:~:text=As%20India%20

accelerates%20its%20transition,x%20increase%20compared%20to%202023.)

The Solar Energy Sector

India achieved a landmark milestone in its renewable energy transition in FY 2024-25, recording its highest-ever annual surge in solar capacity additions. The remarkable growth reflects sustained momentum toward achieving national clean energy goals and signals a deepening market adoption across various segments.

Of the total installations:

• Ground-mounted solar projects contributed a robust 18.88 GW, reaffirming their dominance in utility-scale deployment.

• Rooftop solar systems added 4.95 GW, highlighting accelerated uptake in distributed energy solutions and growing consumer participation.

This sharp increase in solar installations underscores Indias growing position as a global clean energy leader and reinforces its trajectory towards achieving the 2030 target of 500 GW of nonfossil fuel capacity.

Utility-Scale and Rooftop Projects Drive Record Solar Growth

Indias solar capacity growth in FY 2024-25 was driven by a well-balanced expansion across both utility-scale and rooftop segments, underscoring the sectors accelerating shift toward a diversified, resilient energy model.

Utility-scale momentum remained strong, supported by the commissioning of major ground-mounted projects that served as anchors for the years capacity additions:

• 2,500 MW Khavda Solar Park (Gujarat)

• 3,000 MW Khavda Phase 2 (Rajasthan)

• 2,000 MW Andhra Pradesh Solar Park

• 1,000 MW government-backed initiative (Madhya Pradesh) These developments reinforced Indias position as a global leader in large-scale renewable infrastructure, enabling grid-scale deployment and long-term energy security.

Rooftop solar saw accelerated adoption, reflecting the deepening decentralisation of Indias energy landscape. Leading states included:

• Maharashtra: 1,000 MW

• Gujarat: 850 MW

• Rajasthan: 800 MW

• Tamil Nadu: 700 MW

• Other notable contributors included Karnataka, Madhya Pradesh, Delhi, and Chhattisgarh.

This rise in rooftop installations across residential, commercial, and institutional sectors signals increasing consumer engagement, favourable policy frameworks, and continued cost competitiveness of solar technology.

Together, these trends demonstrate Indias evolving solar ecosystem, where utility-scale ambitions and grassroots adoption converge to drive a more inclusive and sustainable energy future.

Strengthening Domestic Manufacturing

In conjunction with the expansion of installations, India has notably enhanced its domestic manufacturing capacity. As of March 2025, the nations solar module manufacturing capacity reached 74 GW, representing a substantial increase from merely 7 GW in March 2020. This growth has been driven by a shift from conventional, low-efficiency polysilicon modules to advanced technologies, including mono PERC, TOPCon, and heterojunction (HJT) modules. This progression exemplifies Indias commitment to self-reliance, innovation, and the cultivation of a resilient solar manufacturing sector that adheres to international quality

standards. Collectively, these advancements demonstrate a comprehensive and geographically diverse solar expansion, underscoring the effectiveness of Indias renewable energy policies and its progress toward a more sustainable and resilient energy infrastructure.

Empowering Agriculture with Solar Water Pumps

Solar energy is increasingly revolutionising Indias agricultural landscape through the deployment of solar-powered water pumps. These systems harness sunlight to generate electricity for operating pumps that draw water from wells and natural sources, providing a clean, reliable, and cost-efficient alternative to diesel or grid-powered solutions.

By ensuring consistent irrigation access, solar pumps are:

• Enhancing crop productivity

• Improving farmer profitability

• Strengthening food security

At the same time, they reduce dependence on fossil fuels, lower greenhouse gas emissions, and support long-term rural sustainability. Their growing adoption reflects a broader transition toward climate-resilient farming and decentralised energy access in Indias agrarian economy.

Policy Support

Indias record solar capacity expansion in FY 2024-25 was underpinned by a robust policy and regulatory ecosystem that catalysed investments and accelerated project implementation.

Flagship initiatives driving scale.

The Solar Park Scheme, CPSU Scheme Phase-II, and PM-KUSUM Scheme played a pivotal role in mobilising capital, streamlining project execution, and expanding access to clean energy, particularly across underserved and rural areas.

Consumer-centric and urban adoption

Programs such as the Rooftop Solar Programme Phase-II and the Development of Solar Cities initiative have significantly boosted awareness, accessibility, and participation at the residential, commercial, and municipal levels. These efforts promoted decentralised energy generation and supported climate- responsive urban planning.

Collectively, these policy mechanisms reflect Indias strategic intent to create a diversified solar ecosystem·spanning utility- scale infrastructure to localised energy solutions·while fostering inclusive and sustainable growth.

Outlook

Looking ahead, India remains steadfast in its commitment to achieving 280 GW of solar power capacity by 2030, which will form a cornerstone of its broader 500 GW renewable energy target. This ambition reflects more than just numerical goals·it underscores the nations strategic vision to reduce its dependence on imported fossil fuels, enhance long-term energy security, and make meaningful contributions to global climate action.

(Source : IBEF)

(https://www.ibef.org/research/case-study/india-s-renewable-energy-boom-the-power-of-solar-

and-beyond#:~:text=Indias%20long%2Dterm%20goal%20is,and%20support%20global%20

climate%20initiatives.)

(Source : Solarquarter)

(https://solarquarter.com/2025/04/10/india-adds-24-gw-solar-in-fy-2024-25-reinforces-global-

green-leadership-as-wind-power-surpasses-50-gw-mark-in-march-2025/)

(Sources : PVKnowhow, IBEF)

(https://www.pvknowhow.com/news/india-solar-capacity-growth-record-2024-

25/#:~:text=India%20has%20set%20a%20new,GW%20from%20rooftop%20solar%20

installations.)

(https://www.ibef.org/research/case-study/india-s-renewable-energy-boom-the-power-of-

solar-and-beyond)

Government Initiatives

India continues to make pivotal progress toward a sustainable energy future through targeted policies and transformative schemes that enhance renewable capacity, curb carbon emissions, and drive self-reliance in clean energy technologies..

1. NATIONAL GREEN HYDROGEN MISSION

Approved on January 4, 2023, this mission aims to position India as a global leader in green hydrogen production, utilisation, and export. Backed by an outlay of C19,744 Crore, it aims to achieve an annual capacity of at least 5 MMT by 2030, supporting the decarbonisation of hard-to- abate sectors.

2. PM-KUSUM SCHEME

The Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan seeks to add 34,800 MW of solar capacity by March 2026, backed by C34,422 Crore in financial assistance. It promotes the adoption of distributed solar energy among

farmers, thereby enhancing their income and access to energy in rural areas.

3. PM SURYA GHAR: MUFT BIJLIYOJANA

Approved on February 29, 2024, this scheme aims to empower residential households to generate their electricity through rooftop solar installations. With a financial outlay of C75,021 Crore, the initiative seeks to accelerate the adoption of solar rooftop systems and reduce dependency on conventional power sources.

4. NATIONAL PROGRAM ON HIGH-EFFICIENCY SOLAR PV MODULES (PLI SCHEME)

Launched by the MNRE with a total budget of C24,000 Crore across two tranches, this scheme promotes the domestic manufacturing of high-efficiency solar modules. It aligns with the Atmanirbhar Bharat mission, reducing import dependence and strengthening Indias clean tech value chain.

5. GREEN ENERGY CORRIDOR (GEC)

The GEC initiative facilitates the integration of solar and wind energy into the national grid via enhanced inter- and intrastate transmission infrastructure. It ensures the efficient evacuation of renewable energy and supports Indias longterm climate targets.

(Sources : MNRE, Powermin)

(https://mnre.gov.in/en/national-green-hydrogen-mission/#:~:text=The%20National%20

Green%20Hydrogen%20Mission,as%20well%20as%20domestic%20consumption.)

(https://mnre.gov.in/en/production-linked-incentive-pli/#:~:text=Ministry%20of%20New%20

and%20Renewable%20Energy%2C%20Government%20of%20India%20is,24%2C000%20crore.)

(https://powermin.gov.in/hi/node/5369#:~:text=The%20ISTS%20GEC%20project%20with,for%20

the%20solar%20parks%20viz.)

Demand Catalyst

Government Policies and Incentives: Flagship initiatives, such as the PM-KUSUM scheme, the National Solar Mission, and the National Green Hydrogen Mission, serve as powerful demand catalysts. These programs provide robust policy support and financial mechanisms to accelerate the deployment of renewable energy and promote a low-carbon economy.

Climate Change and Decarbonisation Goals: Indias net-zero ambitions, alongside global climate commitments and rising corporate ESG targets, are propelling a decisive shift from fossil fuels to clean energy. Green procurement policies and climate- aligned investment strategies are unlocking capital flows toward decarbonised solutions.

Rising Energy Demand Rapid industrialisation and urbanisation are fuelling unprecedented electricity demand across sectors. Renewable energy offers a scalable, reliable, and environmentally

responsible pathway to meet the countrys growing energy needs while ensuring long-term sustainability.

Declining Cost of Clean Technologies The continued reduction in the cost of solar panels, wind turbines, and battery storage has made renewable energy increasingly competitive. Lower technology costs are enhancing accessibility and economic viability for both grid-scale developments and individual consumers.

Innovation and Digitalisation: Emerging technologies, such as smart grids, AI-powered forecasting, and advanced storage systems, are revolutionising energy management. These innovations are enhancing grid stability and facilitating the seamless integration of variable renewable sources, thereby improving operational efficiency and supply reliability.

SWOT Analysis

STRENGTHS

Favourable Solar Geography: India benefits from high solar insolation across most regions year-round, offering a strong foundation for solar energy development.

Government Support: Indias solar sector has gained momentum under proactive government policies aimed at attracting investment and accelerating adoption.

Demand Base: Indias large population and rising energy needs present significant opportunities for solar energy deployment.

Economic Viability: Technological advancements and economies of scale have significantly lowered solar installation costs, enhancing its financial attractiveness.

WEAKNESSES

Infrastructure Constraints: The effective integration of solar power requires significant upgrades to grid infrastructure and management systems.

High Initial Capital Cost: A Large upfront investment is often needed for infrastructure and technology.

Variability in Supply: Solar power generation is weather- dependent, resulting in inconsistent energy output throughout the day and across seasons.

Geographic Limitations: The need for expansive land tracts for solar arrays can restrict deployment in high-density or ecologically sensitive zones.

Skilled Labour Shortage: A lack of technical expertise and specialised training hampers growth across solar project lifecycles.

OPPORTUNITIES

Scalable Rooftop Market: The abundance of underutilised rooftops in urban and semi-urban areas provides a compelling case for rooftop solar growth.

Versatile Heating Solution: With applications in residential, institutional, and commercial sectors, solar water heaters offer broad market potential.

Sustainable Irrigation Solution: Solar-powered pumps

offer a reliable and eco-friendly alternative to address rural irrigation needs.

Climate Goals: Support from international climate agreements and carbon-reduction targets.

THREATS

Regulatory Uncertainty: Fluctuations in government

policies and incentives may impact investor confidence and sector momentum.

Cross-Sector Competition: The solar industry faces competitive pressures from emerging renewable energy sources, including wind, hydro, and biomass.

Supply Chain Volatility: Limited domestic manufacturing capacity for critical components increases susceptibility to cost and availability uncertainties.

Company Overview

Alpex Solar Limited (Alpex) is a leading player in the design and manufacturing of high-power photovoltaic (PV) modules and solar energy systems. Backed by cutting-edge technology and a skilled workforce, the Company delivers cost-effective, high- performance solutions that make a meaningful contribution to the renewable energy sector.

Alpexs diverse product portfolio includes advanced bifacial modules, high-efficiency mono PERC, and half-cut modules. By integrating the latest advancements in monocrystalline and polycrystalline cell technologies, the Company ensures superior durability, performance, and value. Furthermore, to maintain stringent quality standards and ensure optimal product compatibility, Alpex manufactures its high-grade aluminium frames in-house.

Financial Performance

Key Financial Metrics and Ratios (FY 2024-25 vs FY 2023-24)

Particulars	2024-25	2023-24	% Change	Reason for Change
Revenue from operations	77,922.67	40,442.56	92.67%	Increase in Business volumes with enhanced capacity available
Other Income	289.37	149.71	93.29%	Increase in Business volumes
Profit before tax	11,143.50	3,645.82	205.65%	Increase in Business volumes & cost efficiency with increased scale of operations
Net Profit after tax	8,286.25	3,158.15	162.38%	Increase in Business volumes & cost efficiency with increased scale of operations
Payment of Dividend including Interim and DDT	-	-	-	-
EPS	33.86	16.79	101.64%	Increase of Net Profit
Debtors Turnover Ratio	7.99	8.78	-9.05%	Small change due to change in receivable mix
Inventory Turnover Ratio	11.24	10.36	8.49%	Improved Inventory management
Interest Coverage Ratio	16.23	5.78	181.02%	Increase in Profit & lower leverage
Current Ratio	1.62	1.87	-13.24%	Increase in Current Assets & Current Liability level with increased level of operations
Debt Equity Ratio	0.36	0.37	-2.85%	Increase in Net worth
Operating Profit Margin (%)	15.2%	10.5%	44.87%	Improved efficiency with higher level of operations
Net Profit Margin (%)	10.6%	7.8%	36.18%	Improved efficiency with higher level of operations
Return on Net Worth	47.4%	36.6%	29.50%	Higher Business Volumes & improved efficiency

Significant changes (i.e., change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios, along with an explanation.

Internal Control System & its Adequacy:

Internal control forms a cornerstone of Alpexs governance framework, enabling effective management and ensuring robust oversight and accountability. The Company has established a comprehensive and resilient internal control system designed to mitigate risks and achieve its strategic objectives. This framework is underpinned by well-defined policies, structured processes, and standard operating procedures tailored to Alpexs operational and business landscape.

A critical component of this system is the implementation of stringent controls over financial reporting. These controls are designed to ensure the accuracy, integrity, and reliability of financial information, which are essential for sound decisionmaking and maintaining stakeholder confidence. By embedding these financial controls within its broader governance architecture, Alpex reinforces transparency, strengthens compliance, and upholds its commitment to ethical and responsible corporate conduct.

Human Resources

Alpexs people-first culture, anchored in strong leadership, has been instrumental in strengthening business resilience and promoting employee well-being. The Company is committed to

fostering a safe, inclusive, and engaging work environment that nurtures a high-calibre, dedicated workforce.

With a sharp focus on talent development, Alpex empowers its employees to realise their full potential. Comprehensive training programmes equip team members with the skills and capabilities needed to thrive in a dynamic and evolving industry. This strategic emphasis on development has enabled the Company to build a high-performing workforce defined by loyalty, agility, and commitment.

Our robust human resource practices and employee-centric approach have helped create a thriving workplace culture that prioritises individual growth, mental and physical well-being, and a healthy work-life balance. As of March 2025, our team strength exceeded to 232 employees, underscoring Alpexs ability to attract, nurture, and retain top-tier talent to drive longterm success.

Risk Management

At Alpex Solar, risk management is an integral component of our strategic and operational framework. As a company operating in the dynamic renewable energy sector, we proactively identify, assess, and mitigate a broad spectrum of risks to ensure business

continuity, regulatory compliance, stakeholder trust, and longterm value creation.

We have established a structured risk governance system that includes periodic reviews, cross-functional risk identification, and a mitigation matrix regularly updated to align with evolving industry trends, market dynamics, and technological advancements.

SUPPLY CHAIN RISK

Volatility in raw material procurement could challenge production timelines and profitability.

Mitigation Measures

• The Company partners with a broad network of suppliers to mitigate dependency risks.

• It maintains critical inventory reserves to ensure uninterrupted production.

• The Company sources materials from varied geographies to minimise regional supply risks.

• The Company sources key components closer to manufacturing facilities to reduce shipping times and exposure to global disruptions.

TECHNOLOGY RISK

Emerging technologies could outpace existing product capabilities.

Mitigation Measures

• The Company prioritises R&D to remain at the forefront of technological innovation.

• The Company leverages external expertise through joint research initiatives.

• The leadership actively tracks market shifts to refine product roadmaps.

REGULATORY AND COMPLIANCE RISK

Regulatory and compliance changes might affect product approvals and manufacturing efficiency.

Mitigation Measures

• The Company ensures continuous alignment with applicable laws and compliance requirements.

• It maintains active dialogue with industry regulators and associations.

• The Company has deployed a structured system to monitor and enforce regulatory compliance.

FINANCIAL RISK

A lack of adequate financial resources or ineffective budgeting could disrupt operations and limit scalability.

Mitigation Measures

• The Company adopts a strategic approach to financial planning and control.

• Management closely monitors working capital to optimise receivables and inventory levels.

• The Company follows a balanced approach in deploying surplus cash towards growth and liability management.

OPERATIONAL RISK

Operational disruptions may impact timely deliveries and client commitments.

Mitigation Measures

• The Company proactively maintains equipment to enhance longevity and performance.

• The Company has developed backup plans to mitigate the impact of sudden operational issues.

• The Company streamlines operations to enhance productivity and reduce delays.

MARKET COMPETITION RISK

An increasingly crowded market could lead to pricing pressures and diluted brand positioning.

Mitigation Measures

• The Company has cultivated enduring customer relationships through targeted outreach and service excellence.

• The Companys track record of delivering high-quality projects underlines its operational capabilities.

• Sustained commercial efforts support predictable revenue generation and project acquisition.

• To strengthen brand visibility and build consumer trust, Alpex Solar appointed a brand ambassador. This strategic move serves as a key mitigation measure to enhance brand recall.

QUALITY CONTROL RISK

Malfunctions in solar modules could necessitate product withdrawals and harm customer confidence.

Mitigation Measures

• The Company follows stringent quality assurance protocols at every stage of production.

• Periodic internal and third-party inspections ensure adherence to quality benchmarks.

• The workforce is continually upskilled to maintain and enhance quality compliance.

HUMAN RESOURCES RISK

A shortage of skilled professionals could affect operational

efficiency and performance.

Mitigation Measures

• The Company provides attractive remuneration and comprehensive employee benefits.

• The Company prioritises continuous learning and professional growth opportunities.

• A collaborative and inclusive work culture is actively promoted across the organisation.

• The Company upholds rigorous safety standards to protect its workforce.

CLIMATE RISK

The possibility of climate-related events affecting business

continuity, asset integrity, and profitability.

Mitigation Measures

• Diversify renewable project locations across different geographies to reduce the impact of resource variability.

• Utilise advanced forecasting and monitoring tools to enhance energy output and proactively manage climate-related disruptions.

• Develop climate-resilient energy infrastructure to protect solar and wind assets from extreme weather events.