Gensol Engineering Reports Exceptional Q1 FY25 Performance with 105 Percent Revenue Growth

Gensol Engineering Limited has announced its consolidated and standalone financial results for the quarter ended June 30, 2024 (Q1 FY25), showcasing notable growth and strong operational performance.

The company reported a total revenue of INR 297 crore for Q1 FY25, reflecting a 105 percent increase compared to INR 145 crore in Q1 FY24. This growth was complemented by a rise in EBITDA, which stood at INR 89 crore for the quarter, marking a 143 percent increase from INR 37 crore in the same period last year. The EBITDA margin also improved by 470 basis points, reaching 30.0 percent in Q1 FY25, up from 25.3 percent in Q1 FY24.

Profit Before Tax (PBT) for Q1 FY25 was INR 27 crore, an 86 percent increase from INR 14 crore in Q1 FY24, while Profit After Tax (PAT) grew by 50 percent to INR 15 crore compared to INR 10 crore in the corresponding quarter of the previous year. On a standalone basis, Gensol’s revenue surged by 87 percent year-on-year to INR 275 crore, and standalone PAT experienced a 165 percent growth, reaching INR 33 crore.

Gensol’s total order book, which includes solar, Battery Energy Storage Systems (BESS), and electric vehicle (EV) leasing, stood at INR 5,025 crore. The company continues to invest in its emerging business segments, such as solar trackers and e-mobility, which are expected to contribute significantly to future profitability.

In its solar segment, Gensol was recently awarded an INR 463 crore solar plant project at Gujarat’s Khavda RE Power Park and won 116 MW (150 MWp) of solar projects under the KUSUM Yojana in Gujarat. Whereas in the BESS segment, Gensol emerged as one of India’s largest project developers with a total awarded capacity of 570 MW / 1140 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL). This project is expected to generate revenue of over INR 3,100 crore over a 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.

Commenting on the overall performance of the Company, Anmol Singh Jaggi, Chairman and MD, 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," added Jaggi.

As Gensol continues to invest in these growth areas, the company is confident in its ability to capitalize on the opportunities in the renewable energy and e-mobility sectors.