Gensol Engineering Q2 Results: Net Profit Rises 29% To Rs 22.93 Cr; Total Income Rose To Rs 346.82 Cr

On Friday, Gensol Engineering reported a 29% increase in its consolidated net profit after tax for the September quarter, at Rs 22.93 crore. According to an exchange filing, the company reported a net profit after taxes of Rs 17.71 crore during the same time period last year. The company's total income increased from Rs 304.87 crore in the July-September quarter of the previous fiscal year, 2023-24, to Rs 346.82 crore in the current quarter. Expenses dropped from Rs 257.51 crore in Q2FY24 to Rs 239.88 crore in Q2FY25.

Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, "India's renewable energy growth story is unparalleled, driven by ambitious targets and strong government support. Within this dynamic landscape, Gensol is uniquely positioned to play a pivotal role in advancing renewable energy solutions. Gensol's journey has been transformative, evolving from a focused solar company into a diversified renewable energy leader. Our continuous and robust growth is a testament to our commitment, innovation, and agility. Through the expansion of our core solar offerings and strategic ventures into electric vehicles (EVs), leasing, battery energy storage and green hydrogen, our portfolio enhances our ability to drive value across India's renewable energy landscape."

"Looking ahead, Gensol's strategy remains focused and ambitious. We are committed to investing in clean energy, concentrating our efforts on innovation across solar, EVs, battery energy storage and green hydrogen technologies. Gensol aims to be a trusted partner in India's transition towards a sustainable energy future and we are committed to delivering long-term value to our shareholders and customers, helping shape a resilient, sustainable future for all." added Anmol Jaggi.

The company granted 129,537 equity shares at Rs. 10/-each to the holders of share warrants issued by Gensol Engineering during the quarter that ended on September 30, 2024, including premium. At their meeting on August 23, 2024, the board of directors authorised this. In the quarter that ended on September 30, 2024, the company made further investments in Gensol EV Lease Private Limited and Green Energy Trading LLC, acquiring 10,02,500 and 10,800 shares, respectively, for a total of Rs 10,02,50,000.00 and Rs 24,53,55,000.00. As a consequence, stakes have increased to 88.21% (up 47.73%) and 100%, respectively.

For a financial consideration of Rs. 17,44,446.00, the company owns a 100% stake in Scorpius Trackers Inc. during the current quarter, which translates to 20,00,000 shares of Rs 87.22 (or 0.01 USD) apiece. Accordingly, Scorpius Trackers Inc. has joined the company as a subsidiary.

One of the leading companies in the renewable energy space, Gensol Engineering Limited (BSE: 542851) (NSE: GENSOL), focusses on electric mobility solutions and solar engineering, procurement, and construction (EPC) services.