Gensol Engineering Clocks 48% Revenue Growth, EBITDA Jumps 180% In Q1

Gensol Engineering is a major provider of solar advisory and execution services. The company has declared its Q1FY24 results and on a consolidated basis, its revenue climbed to Rs 151.70 Cr up by 48.80% YoY from Rs 102.90 Cr recorded in the year-ago quarter.,
Its EBITDA stood at Rs 43.70 Cr in the quarter under review, up by 179% YoY from Rs 15.70 Cr in Q1FY23 while its EBITDA margin climbed 1362 bps from 15.2% in Q1FY23 to 28.8% in Q1FY24.

Gensol Engineering reported a consolidated net profit of Rs 10.20 Cr in the quarter under review up by 2% YoY from Rs 10 Cr recorded in the year-ago quarter.

Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, "We are pleased to announce a healthy performance in this quarter with consolidated revenue growth of 47% and EBITDA growth of 179% year on year. We, at Gensol, are well-positioned and beyond ready to capitalize upon the growing demand for renewable energy & electric mobility that India requires in its quest to be climate neutral by 2070."

"Our strong order book and healthy pipeline of projects reinforce Gensol's position as a trusted partner and force multiplier for creating high-quality solar assets. We are confident that we can sustain our positive performance in the times ahead by continuing to invest in our capabilities and expanding our global footprint. Moreover, Gensol's recent listing on the main board of NSE portrays, in every imaginable dimension, our commitment towards transparency, growth, and delivering value to our stakeholders," said Anmol Singh Jaggi.

On Thursday, the shares of Gensol Engineering closed on the BSE at Rs 1754 apiece down by 2.01% from the previous close of Rs 1789.95. The stock made a 52-week-high of Rs 1,990.00 on (02/09/2022) and a 52-week-low of Rs 797.05 on (14/03/2023). During Q1FY24, the company recorded promoters shareholding of 64.67%, FIIs stake of 1.94%, DIIs stake of 0.66% and public stake of 32.72%.