Advait Infratech Ltd Expands with New Subsidiary in Norway

Advait Infratech Limited announced via a stock exchange filing that its wholly owned subsidiary, Advait Energy Holding AS, has been officially registered in Norway with Registration Number 933 677 613.

Advait Energy Holding AS is a newly incorporated wholly owned subsidiary of Advait Infratech Limited, established on July 4, 2024. Its headquarters are at Lysaker torg 45, 1366 Lysaker, 3201 Bierum, Norway. The company has an authorised capital of NOK 50,000, which is approximately ₹1,00,000, divided into 5,000 equity shares of NOK 10 each.

Since it is newly incorporated, there is no turnover to report at this time. This relationship is in line with the regulations, and the transactions between the entities are conducted at arm’s length.

Acquisition Details

Related Party Transaction: Advait Infratech Limited is the promoter of Advait Energy Holding AS, making it a wholly owned overseas subsidiary and, thus, a related party.

Nature of Consideration: Advait Infratech Limited’s initial subscription to the share capital is 100% in cash through the ODI route.

Percentage of Shareholding: Advait Infratech Limited has acquired 100% shareholding and control.

Objective and Business Focus: The company’s primary objective is strategic collaboration, investments, services, marketing, manufacturing, and the exchange of technical know-how within the green hydrogen ecosystem.

Financial Highlights

Advait Infratech Limited reported strong standalone quarterly results for March 2024. Net Sales increased to ₹59.71 crore, up 52.74% from ₹39.09 crore in March 2023. Quarterly Net Profit rose to ₹7.16 crore, a growth of 121.54% from ₹3.23 crore in March 2023. EBITDA stood at ₹12.19 crore, up 85.26% from ₹6.58 crore in March 2023. EPS increased to ₹7.01 in March 2024 from ₹3.17 in March 2023.

About Advait Infratech Ltd

Advait Infratech Ltd specialises in providing products and solutions for power transmission, power substations, and telecommunication infrastructure. They handle various sectors, including turnkey telecommunication projects and the installation of power transmission, substations, and telecom products.

On July 9, 2024, Advait Infratech Ltd’s share price opened at ₹2,039.95, touching the day’s high at ₹2,044.90 as of 09:55 AM on the NSE.

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