Gensol Engineering Secures Rs 463 Cr Solar Project At Khavda RE Power Park

Gensol Engineering Ltd. (BSE: 542851) (NSE: GENSOL), a leading firm in solar power engineering, procurement, and construction (EPC) services, as well as the electric mobility sector, has received a Notification of Award for a Rs 463 crore solar plant at Khavda RE Power Park, located in the Rann of Kutch, Gujarat. This state-of-the-art project will feature a fixed tilt module mounting structure along with the remaining balance of system components.

With its main office in India, Gensol provides solar EPC services and has constructed more than 590 MWp of solar power plants worldwide. In order to promote clean energy and electric transportation solutions and contribute to a more sustainable future, the company is committed to this goal.

Shares of Gensol Engineering Ltd surged by 4.36% today, reaching Rs 1,007 per share from the previous closing price of Rs 964.95 per share. The stock's 52-week high is Rs 1,377.10, and it has risen by 97.4% from its 52-week low of Rs 510.12 per share. Gensol Engineering has a market capitalization of over Rs 3,700 crore. The company's shares traded ex-bonus in a 2:1 ratio on October 17, 2023, and the stock has delivered multibagger returns, increasing by 215% in two years and an astonishing 5,300% in three years.

Recently, Gensol Engineering won the contract to build 116 MW (150 MWp) of solar power in Gujarat, bringing in an estimated Rs 600 crore ($71.7 million) in total EPC revenue. These projects, which fall under the authority of Paschim Gujarat Vij Co. Ltd. (PGVCL) and are spread across 27 locations, are intended to achieve feeder-level solarisation and are anticipated to come operational within a year of the Letter of Award (LoA) being issued.

According to the company's quarterly results, net sales increased by 147% to Rs 412 crore in Q4FY24, while EBITDA grew by 188% to Rs 92 crore, and profit after tax rose by 168% to Rs 20 crore, compared to Q4FY23. For the full year FY24, net sales increased by 147% to Rs 996 crore, EBITDA by 218% to Rs 260 crore, and profit after tax by 129% to Rs 53 crore, compared to FY23.

Part of the Gensol group, Gensol Engineering Limited was founded in 2012 and offers complete EPC services for solar power facilities all over the world. The company has a history of successfully delivering rooftop and ground-mounted solar arrays totalling over 770 MW of capacity. In addition to being a leader in the electric vehicle (EV) market in India, An advanced manufacturing facility for electric three- and four-wheelers is being established in Pune, with an annual production capacity of 30,000 vehicles. Furthermore, Gensol provides comprehensive EV leasing options for fleet, cargo, and passenger needs. With over 3,000 EVs currently leased, the company has huge hopes to grow its EV leasing business.