Gensol Engineering reports 105% revenue growth in Q1 FY25

14 Aug 2024 CW Team

Gensol Engineering has announced a remarkable 105% year-over-year (YoY) increase in revenue for the first quarter of fiscal year 2025, reaching Rs 2.97 billion, up from Rs 1.45 billion in the same period last year. The company's consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 143% YoY to Rs 890 million. Profit before tax (PBT) grew 86% YoY to Rs 270 million, while profit after tax (PAT) increased by 50% YoY to Rs 150 million, despite challenges from new business segments. Highlights: - New Projects: Gensol secured a Rs 4.63 billion solar power project at Gujarat?s Khavda Renewable Energy Park and 116 MW of solar projects under the KUSUM scheme.

- 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)

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