Gensol Q1 Results- Revenues Up 105% at ₹297crores, Order Book At ₹5,025 Crore

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 (BluSmart), today announced its consolidated and standalone financial results for the quarter ended June 30^th, 2024 (Q1 FY25).

Q1 FY25 Highlights:

Total Revenue was ₹297 Crore for Q1 FY25 compared to ₹145 Crore in Q1 FY24, a growth of 105%

EBITDA stood at ₹89 Crore for Q1 FY25 compared to ₹37 Crore during Q1 FY24, an increase of 143%

EBITDA Margin increased by 470 bps to 30.0% in Q1 FY25 as against 25.3% in Q1 FY24

PAT stood at ₹15 Crore for Q1 FY25 compared to ₹10 Crore in Q1 FY24, a growth of 50%

PBT was ₹27 Crore for Q1 FY25 compared to ₹14 Crore in Q1 FY24, an increase of 86%

Net Debt to Equity is 1.86x as of 30th June 2024

The total order book stood at ₹5,025 Crore (includes solar, BESS & EV Leasing)

The company, one of the oldest and well established firms in the renewable space that started off from consulting before moving into O&M services and full stack EPC services, continued to benefit from a strong performance from the renewables business.

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.

Key Project Highlights

Gensol’s Solar division was recently awarded a ₹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.

The firm has also emerged as one of the 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