Saurabh has held several key leadership positions in the past, including President & Head – Sales (CRS) and Strategic Account Management at Aon, Executive Vice President and Geography Leader at Willis Towers Watson, Practice Leader for Renewable Energy at Willis Towers Watson, and Regional Head at Chola MS GICL. His proven track record in building high-performing teams and developing market-leading risk solutions will be invaluable to Howden India.

Amit Agarwal, CEO of Howden India, stated “We are excited to welcome Saurabh to team Howden! His new perspective will undoubtedly enhance our growth trajectory. Moreover, Saurabh is a great fit for Howden’s culture and will play a pivotal role in fostering an exceptional workplace environment for our people.”

Saurabh Verma, Chief Business Officer, commented “I am excited and look forward to contributing to Howden India’s growth. Two and a half decades of my professional experience have taught me to stay continuously invested in forming exceptional teams that seek collaboration, operational brilliance, and client-centric solutions. As Chief Business Officer, I will further Howden’s unique endeavour to be an employer of choice and foster culture of empowerment and ownership.”

Saurabh holds a BE in Mechanical Engineering, an MBA in Marketing & Systems, and is a Fellow of the Insurance Institute of India (FII).

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https://www.bseindia.com/corporates/download/357795/IPO%20Prior/DRHP_20250331125301.pdf

PROZEAL Green Energy Limited, the fourth largest solar EPC company in India in terms of revenue from operations for Fiscal 2024 (source: Crisil Report), has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

Initial public offering of face value of ₹ 2 each (“equity shares”) of Prozeal Green Energy Limited (“our company” or the “issuer”) aggregating up to ₹ 7,000.00 million (the “offer”).

The offer comprises of a fresh issue of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “fresh issue”) and an offer for sale of up of face value of ₹ 2 each aggregating up to ₹ 3,500.00 million (the “offer for sale”), consisting up to ₹ 1,685.00 million by Shobit Baijnath Rai and up to ₹ 1,685.00 million by Manan Hitendrakumar Thakkar (the “promoter selling shareholders”), up to ₹ 30.00 million by AAR EM Ventures LLP, up to ₹ 20.00 million by Bhaveshkumar Bachubhai Mehta, up to ₹ 60.00 million by Jaya Chandrakant Gogri and up to ₹ 20.00 million by Manoj Mulji Chheda (the “investor selling shareholders”) (the promoter selling shareholders along with the investor selling shareholders, the “selling shareholders” and such equity shares, the “offered shares”).

The company proposes to utilize the Net Proceeds from the offer towards Funding the long-term working capital expenditure of the company, investment in the subsidiary(ies) for repayment/pre-payment, in part or full, of certain borrowings, and general corporate purposes.

Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.

Prozeal Green Energy is focused on delivering end-to-end renewable energy solutions, including engineering, procurement, and construction (EPC) of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial sectors. While the company executes independent solar EPC projects for its clients, its major focus is on implementing projects based on the “Plug-and-Play” solar park model. Under this model, the company facilitates seamless project deployment from conceptualization and land acquisition to commissioning and assists with obtaining the necessary approvals, including for evacuation lines from the solar power plant to the electricity grid. This process is complemented by its expertise in project design, execution capabilities, and procurement strategies.

The company provides clients with customized solutions, including options for Capex or Opex models, land purchase or lease, and the selection of suitable technology. Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location (Nepal) for 125 clients.

Prozeal Green Energy’s EPC clients include prominent organizations such as Torrent Power Limited, AM Green Energy Pvt Ltd, GHCL Ltd, Alembic Pharmaceuticals Limited, Asahi Songwon Colors Limited, Mark Alloys Private Limited, Ajay Costspin Industries, Pashupati Costspin Limited, and ACG Associated Capsules Private Limited.

As of September 30, 2024, its order book, defined as the amount payable under EPC contracts minus the revenue already recognized from those contracts, stood at ₹22,209.22 million, of which ₹22,093.04 million, or 99.48%, was for ground-mounted solar power projects.

Prozeal Green Energy has demonstrated strong financial performance, with revenue from operations increasing from ₹2,871.85 million in Fiscal 2022 to ₹9,488.82 million in Fiscal 2024, representing a CAGR of 81.77%. Revenue from operations for the half year ended September 30, 2024, was ₹4,685.40 million.

The company’s EBITDA grew from ₹115.44 million in Fiscal 2022 to ₹1,247.36 million in Fiscal 2024, reflecting a CAGR of 228.71%. EBITDA for the half year ended September 30, 2024, was ₹687.13 million.

Additionally, profit for the year increased from ₹100.71 million in Fiscal 2022 to ₹922.44 million in Fiscal 2024, representing a CAGR of 202.64%. Profit for the period for the half year ended September 30, 2024, was ₹515.95 million.

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