Gensol Engineering Q1 Results: Reports 87% YoY Revenue & 165% PAT Growth

The financial results for the quarter ended June 30, 2024 (Q1 FY25) were released by Gensol Engineering Limited, a well-known player in the renewable energy industry that specialises in solar engineering, procurement, and construction (EPC) services as well as electric mobility solutions.

The company's total revenue jumped by 105% to Rs 297 crore in Q1 FY25 from Rs 145 crore in Q1 FY24. The company's EBITDA climbed by 143% to Rs 89 crore in Q1 FY25 from Rs 37 crore in Q1 FY24. From 25.3% in Q1 FY24 to 30.0% in Q1 FY25, the EBITDA Margin grew by 470 basis points.

In Q1 FY25, Gensol Engineering recorded a net profit of Rs 15 crore, up 50% from Rs 10 crore in the same period last year. The company's profit before tax grew by 86% to Rs 27 crore in Q1 FY25 from Rs 14 crore in Q1 FY24. As of June 30, 2024, the firm had a net debt-to-equity ratio of 1.86x and a total order book value of Rs 5,025 crore.

Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, "We're pleased to share that our performance in Q1 FY25 has been exceptional. Gensol is dedicated to expanding its presence in current and new business segments like Solar, BESS & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability. The renewable energy space is experiencing rapid expansion, driven by increasing demand for sustainable solutions and supportive government policies. As we increase our investments in these emerging areas, we are confident in our ability to seize the opportunities in the renewable energy and eMobility sectors, playing a key role in advancing India's energy transition goals."

The Board of Directors considered and approved, "Raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the Company ("Equity Shares") and / or other eligible securities or any combination thereof (hereinafter referred to as "Securities"), for an aggregate amount not exceeding Rs 500 crores (Rupees Five Hundred crores only) or an equivalent amount thereof by way of Qualified Institutional Placement ("QIP"), preferential issue, or any other method or combination of methods," said Gensol Engineering in a stock exchange filing on Monday.

"We wish to inform you that the Board of Directors of the Company in their meeting held today i.e. Monday, August 12, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 1,29,537 warrants into 1,29,537 equity shares at an issue price of Rs. 871/- each (including a premium of Rs. 861/- each), to "Non-Promoters/Public Category", on preferential basis, upon receipt of balance amount aggregating to Rs. 8,46,20,045.25/- (Rupees Eight Crores and Forty-Six Lakhs Twenty Thousand Forty-Five and Twenty-Five Paisa) at the rate of Rs. 653.25 (Rupees Six Hundred Fifty Three and Twenty Five Paisa) per warrant (being 75% of the issue price per warrant) from the allottees," the company further informed stock exchanges.

As of June 18, 2024, the corporation has issued 6183735 warrants. Following June 30, 2024, holders of 129537 warrants exercised their option to convert to equity shares by making the required 75% balance amount. Consequently, on August 12, 2024, board meeting, the issuance of an equivalent number of equity shares to these warrant holders was approved.