Gensol Eng rises after securing contracts worth Rs 337 crore – EQ
In Short : Gensol Engineering Limited’s stock has risen after securing contracts worth Rs 337 crore. This increase likely reflects positive market sentiment and investor confidence in the company’s ability to secure and execute significant projects, contributing to its overall financial performance.
In Detail : Gensol Engineering added 2.28% to Rs 1245 after the company announced the award of two significant EPC contracts, underscoring our commitment to India’s renewable energy sector.
The first project is a 250 MWac/350 MWdc ISTS solar power project in Rajasthan. The second project is a 50MWac/72.5MWdc solar power project in Maharashtra.
These projects are valued at Rs 337.7 crore. The contracts encompass design, engineering, procurement, construction, and commissioning services, with modules as free-issue items.
Ali Imran Naqvi, CEO of Gensol Engineering, stated: “Winning these projects is a significant milestone for Gensol Engineering Limited, indicating a major expansion in our operational capabilities and project scale.
These EPC contracts in Rajasthan and Maharashtra reflect our increasing capabilities and strategic intent to enter key high growth regions.
Gensol provides concept to commissioning solar advisory, execution and operation services for solar projects in India and abroad. It has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India. The company offers comprehensive EV leasing solutions and is serving diverse range of B2B customers.
The company reported net profit of Rs 12.31 crore in Q3 FY24 as compared with net loss of Rs 1.90 crore in Q3 FY23. Total revenue from operations stood at Rs 227.12 crore, steeply higher than Rs 52.22 crore posted in corresponding quarter last year.
