New Delhi, Feb. 4 -- Shares of Premier Energies, India's second-largest integrated manufacturer of solar cells and modules, dropped sharply from their intraday high, declining 15% to hit a day's low of Rs.997 per share.

The stock, which had surged 10% in early morning trade, reversed gains on a strong spike in volumes. For the quarter ending December, the company reported better-than-expected numbers, driven by higher-than-anticipated cell revenues and lower other expenses. Net profit surged 493% to Rs.255 crore, while revenue grew 140% YoY to Rs.1,713 crore, largely driven by a 25% QoQ increase in cell revenues.

Its EBITDA margin came in higher at 30%, exceeding street estimates of 23%. However, despite higher capacity utilisation (96%...