Mumbai, 13th August 2024: 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, today announced its consolidated and standalone financial results for the quarter ended June 30th, 2024 (Q1 FY25).
In Q1FY25, Gensol’s standalone revenue grew by 87% YoY to reach ?275 Crore and PAT grew by 165% to reach ?33 Crore YoY (GEL standalone PAT margin is 11.8%)
At the Gensol consolidated level, PAT is ?15.1 Crore, reflective of the ?17.4 Crore impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth
Gensol remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability
Business Segment / Operational Highlights:
Solar:
- Recently awarded ?463 Crore solar plant project at Gujarat’s Khavda RE Power Park
- Won 116 MW (150 MWp) of solar projects in Gujarat (under KUSUM yojna). These projects will be
- distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd.
- (PGVCL), the state electricity distribution company.
- Appointed Binaya Bhusan Panda as Chief Operating Officer (COO)
BESS:
Amongst India’s largest project developers for standalone BESS projects, with a total awarded capacity of 570MW / 1140MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) which will generate a total revenue of over Rs 3100 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure
Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “We’re pleased to share that our performance in Q1 FY25 has been exceptional. Gensol is dedicated to expanding its presence in current and new business segments like Solar, BESS & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability. The renewable energy space is experiencing rapid expansion, driven by increasing demand for sustainable solutions and supportive government policies. As we increase our investments in these emerging areas, we are confident in our ability to seize the opportunities in the renewable energy and eMobility sectors, playing a key role in advancing India’s energy transition goals.”