Gensol Engineering Leading Renewable Energy Company Posted Highest-Ever Revenue in FY 2024

On April 03, 2024, Gensol Engineering Limited, a leading player in the renewable energy sector, stated in an exchange filing that it had received highest ever revenue from operations, surpassing ₹960 crores (provisional and unaudited) during the financial year ending on March 31, 2024 (FY 2024). The company added that this remarkable achievement indicates an exceptional growth rate of 141% against ₹398 crore in FY 2023. The company’s exceptional performance emphasises its position as a frontrunner in the industry, demonstrating its ability to capitalise on emerging opportunities and deliver value to its stakeholders.

“This financial performance of the company reflects a robust and commendable growth trajectory exceeding the guidance given in our last earnings conference call in January 2024. This achievement solidifies our status as a frontrunner in the renewable energy industry, emphasising our unwavering commitment to growth. I thank all the shareholders, customers and the Gensol family for their continued support that is vital to our success, and we remain dedicated to delivering value and sustainable growth.” said Mr Anmol Singh Jaggi, Chairman and

Managing Director, Gensol Engineering Ltd.

During Q3 FY2024, total revenue rose by 335% to ₹227 crore as compared to ₹52 crore in Q3 FY 2023. EBITDA for the period increased by 312% to ₹70 crore against ₹17 crore during Q3 FY 2023.

On April 01, 2023, the subsidiary of Gensol Engineering Ltd, Scorpius Trackers, a leading solar tracking technology company, achieved a significant milestone of 1000 MW + in contracted orders across India, Japan, Saudi Arabia and Uganda, solidifying its position as a key player in the global solar tracking industry.

About Gensol Engineering Limited

Incorporated in 2012, Gensol Engineering Limited, the flagship company within the Gensol group, specialises in engineering, procurement, and construction (EPC) services, focusing on the solar power sector. Boasting a robust team of over 240 professionals, Gensol has demonstrated expertise in executing turnkey projects globally, having installed both ground-mounted and rooftop solar installations totalling more than 600 MW. On April 03, 2024, the share price of the company opened at ₹941.95 and reached the day high of ₹948.95 at 12:22 PM.

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