Gensol Engineering Reports 24% Growth in PAT in H1 of FY24

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Public-listed renewable company–Gensol Engineering Limited released its latest consolidated financial results for the first half of the year and quarter ending September 30, 2023. As per the financial statements of the firm, it reported an 88 percent increase in its revenue in the H1 of FY23 compared to the last H1 of FY23.

Founded in 2012, Gensol Engineering Limited is a part of the Gensol group of companies that offer engineering, procurement, and construction (EPC) services for developing solar power plants. 

The firm reported a total revenue of Rs 34,403 lakh in the latest H1 from Rs 18,325 lakh in H1FY23. It also saw a 24 percent increase in its Profit After Tax (PAT) from Rs 3,300 lakh in H1FY23 to Rs 9,883 lakh in H1 of FY24. 

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The company, in a statement, said that its EBITDA grew to Rs 9,883 lakh in H1FY24, a surge of 197% compared to ₹3,330 lakh in H1FY23. On the other hand, its Profit Before Tax (PBT) also escalated to ₹3,165 lakh in H1FY24, reflecting a growth of 68% from ₹1,882 lakh in H1FY23. 

Commenting on the overall performance of the Company, Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited, said, “H1FY24 has been a half year of remarkable leaps for Gensol. Strategic moves like the acquisition of Scorpius Trackers, international foray with EPC projects in UAE, securing a Letter of Intent (LOI) to supply 300 Electric Vehicles to Odisha Renewable Energy Development Agency (OREDA) etc. highlight our expansion and commitment to innovation.”

It also said that to reward its shareholders, the firm rolled out a 2:1 bonus share bonanza. Gensol is on a fast track to a future where innovation, growth, and sustainability drive shareholder wealth, he said.

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With a dedicated team of over 240 employees, the company manages turnkey projects internationally. Over the years, Gensol has installed ground-mounted and rooftop solar power plants with a combined capacity of over 590 MW. Expanding its operations, Gensol has also established an electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three-wheelers and four-wheelers.