Gensol Engineering records Q3 Net profit soars 748%

27 Jan 2024 CW Team

The company's total revenue for Q3 reached Rs 2.27 billion (~$27.3 million), reflecting an impressive YoY growth of 335% from Rs 522 million (~$6.3 million). Notably, the revenue from the EPC segment contributed Rs 1.7 billion (~$20.4 million), indicating a substantial YoY increase of 386%.

The Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) witnessed substantial growth, soaring by 312% YoY to Rs 700 million (~$8.4 million) from Rs 170 million (~$2 million). As of December 2023, Gensol boasts an order book valued at over Rs 10 billion (~$120.2 million).

For the first nine months (9M) of FY 2024, Gensol posted a net profit of Rs 337 million (~$4.05 million), marking an impressive 111% YoY increase from Rs 160 million (~$1.9 million). The company's total revenue for 9M stood at Rs 5.84 billion (~$70.2 million), indicating a robust 147% YoY growth from Rs 2.36 billion (~$28.4 million). The solar EPC segment contributed significantly, bringing in Rs 4.53 billion (~$54.5 million) with a noteworthy YoY increase of 121%. EBITDA for 9M grew by 238% YoY to Rs 1.69 billion (~$20.3 million) from Rs 500 million (~$6 million).

Gensol Engineering has also secured financial backing, receiving approval for a Rs 5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency. This funding will support the company's EV Lease business, specifically to finance 3,800 electric vehicles.

Recent notable achievements include securing an EPC contract for a 33 MW captive solar power project from Sarda Energy and Minerals and winning an EPC contract from NHPC for a green hydrogen-based mobility station in Kargil, Ladakh. Additionally, Gensol secured a Rs 3.02 billion (~$36.3 million) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project in October. The company will undertake the EPC responsibilities for this project.

Gensol Engineering, an engineering and consulting firm, recorded a remarkable performance in the third quarter (Q3) of the fiscal year 2024, reporting a net profit of Rs 123.1 million (~$1.5 million). This marked a substantial 748% year-over-year (YoY) increase from a net loss of Rs 19 million (~$228,578). The surge in net profit is attributed to a substantial rise in solar engineering, procurement, and commissioning (EPC) orders during this period. The company's total revenue for Q3 reached Rs 2.27 billion (~$27.3 million), reflecting an impressive YoY growth of 335% from Rs 522 million (~$6.3 million). Notably, the revenue from the EPC segment contributed Rs 1.7 billion (~$20.4 million), indicating a substantial YoY increase of 386%. The Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) witnessed substantial growth, soaring by 312% YoY to Rs 700 million (~$8.4 million) from Rs 170 million (~$2 million). As of December 2023, Gensol boasts an order book valued at over Rs 10 billion (~$120.2 million). For the first nine months (9M) of FY 2024, Gensol posted a net profit of Rs 337 million (~$4.05 million), marking an impressive 111% YoY increase from Rs 160 million (~$1.9 million). The company's total revenue for 9M stood at Rs 5.84 billion (~$70.2 million), indicating a robust 147% YoY growth from Rs 2.36 billion (~$28.4 million). The solar EPC segment contributed significantly, bringing in Rs 4.53 billion (~$54.5 million) with a noteworthy YoY increase of 121%. EBITDA for 9M grew by 238% YoY to Rs 1.69 billion (~$20.3 million) from Rs 500 million (~$6 million). Gensol Engineering has also secured financial backing, receiving approval for a Rs 5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency. This funding will support the company's EV Lease business, specifically to finance 3,800 electric vehicles. Recent notable achievements include securing an EPC contract for a 33 MW captive solar power project from Sarda Energy and Minerals and winning an EPC contract from NHPC for a green hydrogen-based mobility station in Kargil, Ladakh. Additionally, Gensol secured a Rs 3.02 billion (~$36.3 million) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project in October. The company will undertake the EPC responsibilities for this project.

Infrastructure Transport

18 Sep 2025

Kurla Gets New Elevated Harbour Line Station

Mumbai’s suburban railway network has taken a major step forward with the construction of a new elevated Harbour Line station at Kurla, part of the 5th and 6th line corridor. Over the weekend, Central Railway conducted a 14.5-hour mega block to divert tracks between Kurla and Tilak Nagar, clearing the way for the project.The tracks were shifted westwards to accommodate the elevated station, which will handle both regular Harbour Line services and trains originating or terminating at Kurla. Kurla, a key interchange hub, links the Harbour Line from CSMT to Navi Mumbai and Panvel with the Centr..

Infrastructure Urban

18 Sep 2025

India Plans 500 km Rail Expansion Along Northeastern Frontier

India is set to strengthen its northeastern frontier with the construction of 500 kilometres of new rail lines, including bridges and tunnels, to improve connectivity, accelerate logistics, and ensure military readiness along borders with China, Bangladesh, Myanmar, and Bhutan. The project is expected to cost Rs 300 billion ($3.4 billion) and is targeted for completion within four years.Though relations with China have recently improved, the infrastructure push reflects India’s long-term contingency planning amid a history of cycles of rapprochement and tension. The new rail corridors will c..

Real Estate

18 Sep 2025

BlackRock Leases Bengaluru Office for Rs 410 Billion

BlackRock Services India Pvt Ltd, the Indian arm of global asset manager BlackRock Inc, has leased 1.43 lakh sq ft of office space in Bengaluru’s Ashok Nagar for Rs 410 billion over a 10-year period, according to property registration documents accessed by Propstack.The commercial space, located in KNG Tower 1 and leased from IndiQube Space Limited, covers the ground floor and five additional floors. The monthly rent is set at Rs 2.72 billion at Rs 190 per sq ft, with an annual escalation of 5 per cent. A security deposit of Rs 21.75 billion has been paid. The lease transaction was registere..