Gensol Engineering reports 105% revenue growth in Q1 FY25
- Energy Storage: The company leads in standalone battery energy storage system (BESS) projects with a total awarded capacity of 570 MW/1,140 MWh, expected to generate around Rs 31 billion over a 12-year period.
- Strategic Expansion: Anmol Singh Jaggi, Chairman and Managing Director, emphasised the company's expansion into BESS and electric vehicle leasing, sectors poised for substantial growth due to rising demand for sustainable solutions and supportive government policies.
- Project Execution: Gensol has completed over 770 MW of diverse solar projects and established an electric vehicle manufacturing facility in Pune.
- Quarterly Performance: In the fourth quarter of 2024, the company reported a net profit of Rs 348.2 million, a 310% increase from Rs 84.8 million in the same quarter of the previous year.
- Recent Developments: Gensol recently commissioned a 10.6 MW rooftop solar project for Trident?s Budhni Textile Unit in Madhya Pradesh. Additionally, in February, the company raised Rs 9 billion (~$108 million) in equity capital through convertible warrants, with participation from both international and domestic investors including Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. (MERCOM)