Gensol Engineering Shares Rally After Order Win For Mahagenco Project

Shares of Gensol Engineering Limited rallied 9 per cent in intraday trade on October 25 after the company bagged a Rs 301.54-crore order from Maharashtra State Power Generation Co. Ltd (Mahagenco).

At the close, Gensol Engineering was quoting Rs 881.75, up 43.30, or 5.16 per cent, on the NSE.
The company through an exchange filing informed that it won a bid for the conceptualisation, engineering, provisioning, installation, testing, and commissioning of a 62-MWAC Crystalline Solar PV Technology Grid Interactive Solar PV Power Plant.

Additionally, the company is entrusted with a five-year operation and maintenance stewardship of the solar power plant and its associated evacuation mechanism.

Gensol Engineering Ltd has won "bid for the conceptualisation, engineering, provisioning, installation, testing, and commissioning of a state-of-the-art 62 MWAC crystalline solar PV technology grid interactive solar PV power plant ...in Maharashtra," the company said in a stock exchange filing.
The company is a part of the Gensol group of companies which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

For the quarter that ended on June 30, 2023, the firm reported a net profit of Rs 10.2 crore. According to a BSE filing, Gensol reported a net profit of Rs 10 crore during the same quarter of the previous fiscal year. Gensol Engineering reported a sharp increase in revenue, from Rs 102.9 crore in Q1FY23 to Rs 151.7 crore in Q1FY24. EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortisation, was reported at Rs. 43.7 crore as against Rs 15.7 crore in the corresponding quarter of FY23. The company is yet to declare its Q2FY24 results.

Gensol has also established an electric vehicle manufacturing facility in Pune to develop and produce electric three-wheelers and four-wheelers.