Gensol Reports 29% Rise in Profits In Q2 Over Last Year

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, announced its unaudited consolidated and standalone financial results for the second quarter and half year ended September 30^th, 2024 (Q2 & H1 FY25). With a play across solar projects, O&M, trackers through Scorpius Trackers which it owns 100% of now, and EVs and battery storage, Gensol has a portfolio spread across the energy transition movement.

Consolidated Financial Summary:

Particulars (₹ in Crore)	Q2 FY25	Q2 FY24	YoY%	H1 FY25	H1 FY24	YoY%
Total Revenue*#	347	305	14%	710	478	49%

 

EBITDA#	107	47	128%	183	77	138%
EBITDA Margin (%)	30.8%	15.5%	1,530 bps	25.8%	16.1%	970 bps
PBT	25	32	(22%)	63	51	25%
PBT Margin (%)	7.2%	10.4%	(320 bps)	8.9%	10.7%	(180 bps)
Profit after Tax (PAT)	23	18	29%	50	33	52%
PAT Margin (%)	6.6%	5.8%	80 bps	7.0%	6.8%	20 bps

#Total Revenue & EBITDA includes Other Income

*Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease

Standalone Financial Summary:

Particulars (₹ in Crore)	Q2 FY25	Q2 FY24	YoY%	H1 FY25	H1 FY24	YoY%
Total Revenue*#	300	299	0.0%	642	474	35%

 

EBITDA#	113	49	131%	190	78	144%
EBITDA Margin (%)	37.8%	16.4%	2,140 bps	29.7%	16.5%	1,320 bps
PBT	51	36	42%	105	57	84%
PBT Margin (%)	16.9%	12.0%	490 bps	16.4%	12.1%	430 bps
Profit after Tax (PAT)	46	22	109%	90	39	131%
PAT Margin (%)	15.5%	7.4%	810 bps	14.1%	8.3%	580 bps

#Total Revenue & EBITDA includes Other Income

 Consolidated H1 FY25 Highlights:

• Net Debt to Equity reduced to 4x as on 30th September 2024, as compared to 2.2x as on March 31, 2024
• Cash Flow from operations has improved to ₹154 Crore in H1FY25 as compared to ₹22 Crore in H1FY24

The move to shift some operating leases to financing leases indicates a longer term lock in with some assets, besides bringing lease costs on-balance sheet rather than off balance sheet. Thus, this should be a short term impact on costs before normalising  again.

Operational Highlights:
● Won an EPC contract of ₹463 crore for a large-solar plant at Gujarat’s Khavda RE Power Park. The project will be a state-of-the-art solar facility, featuring a fixed tilt module mounting structure and other system components
● Awarded a repeat order of ₹40 crore for a rooftop solar project from a leading textile company

● Successfully emerged as a winning bidder for 116MW (150 MWp) of Solar Projects in Gujarat to be distributed across 27 locations in Gujarat, under the oversight of Paschim Gujarat Vij Co. Ltd. (PGVCL).
● Signed an EPC and long-term O&M contract for a 23 MWp rooftop solar PV project in Dubai
● Entered the U.S. market by establishing Delaware-based subsidiary, Scorpius Trackers Inc.