- The company records consolidated revenue of Rs 996 crore and net profit of Rs 53 crore for fiscal 2023-24
- Records 147% YoY revenue growth for Q4FY24 & FY24
- EBITDA increases by 188% YoY for Q4FY24, and by 218% for FY24
- EPS increased by 144% to ₹15.80 in FY24
NE BUSINESS BUREAU
AHMEDABAD, MAY 29
Gensol Engineering Limited, a prominent player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) services, along with electric mobility solutions, on Tuesday announced its consolidated net profit rose 232.15% to Rs 24.28 crore in the quarter ended March 2024 as against Rs 7.31 crore during the previous quarter ended March 2023. Sales rose 143.29% to Rs 398.82 crore in the quarter ended March 2024 as against Rs 163.93 crore during the previous quarter ended March 2023.
For the full year, net profit rose 154.38% to Rs 59.55 crore in the year ended March 2024 as against Rs 23.41 crore during the previous year ended March 2023. Sales rose 142.00% to Rs 963.10 crore in the year ended March 2024 as against Rs 397.97 crore during the previous year ended March 2023.
As of March 31, 2024, the order book stood at Rs 1,783 crore, comprising Rs 1,448 crore from the solar segment and Rs 335 crore from the leasing segment.
Gensol won a battery energy storage system (BESS) project to provide on-demand energy storage capacity to Gujarat Urja Vikas Nigam Ltd (GUVNL). The project will contribute Rs 450 crore to the company’s revenue in 12 years (over the contract period). It also won a commercial and industrial solar order of 50 MWp from Sarda Energy & Minerals Ltd and turnkey EPC order of 100 MW from a power generation utility in the state of Maharashtra.
Gensol acquired Scorpius Trackers in FY24 to expand its product offering. Scorpius Trackers surpassed 1 GW in contracted orders across India, Japan, the Kingdom of Saudi Arabia, and Uganda
Commenting on the overall performance of the Company, Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, “The FY24 results have been remarkable for us, reflecting a substantial increase across all business matrices. This growth is a testament to our leadership in the Solar EPC sector, where we have successfully executed diverse solar projects encompassing ground-mounted, rooftop, and floating solar installations across almost all states of India.”
“This has helped solidify our position as one of the top EPC players in India. Furthermore, we continue to take strategic bets like Scorpius Trackers’ acquisition, Middle East entry & BESS entry and we continue to expand into segments such as EV leasing and EV manufacturing. This reflects our commitment to innovation and sustainable growth. As we step up our investments in these new segments, we are confident that we will capture the growth opportunities presented by the renewable energy and eMobility sectors and contribute to India’s energy transition. I would like to take this opportunity to thank my team at Gensol and all my stakeholders who have shown immense faith in our journey,” added Jaggi.
