Share prices of a leading renewable energy and electric mobility pioneer, moved up by nearly 5 percent in the morning trading session on Tuesday after the company announced its financial results for Q3 FY23-24, that is, for the quarter ended December 2023.
With a market cap of Rs. 3,390 crore, shares of Gensol Engineering Ltd opened at Rs. 892.1 on January 23 from its previous close of Rs. 849.65. The company has given negative returns of nearly 34.2 percent returns in the last one year. So far, it has given returns of around 5 percent in 2024.
The rise in the share prices was observed after the company announced its financial results (standalone and consolidated) on Monday, for the third quarter and nine months ended 31st December 2023, through a recent filing with the stock exchanges.
Gensol Engineering Limited reports robust Q3 FY23-24 growth and recorded revenue growth of 335 percent on a year-on-year basis from Rs. 52 crore in Q3 FY22-23 to Rs. 227 crore for Q3 FY23-24, accompanied by the after-tax profit growth of around 734 percent on a year-on-year basis to Rs. 12 crore in Q3 FY23-24.
While the EBITDA improved by 312 percent and stood at Rs. 70 crore for Q3 FY23-24 compared to Rs. 17 Crore during Q3 FY23. the EBITDA margin stood at 30.8 percent for Q3 FY23-24 as against 32.2 percent in Q3 FY22-23.
In the current financial year, the company secured its first Green Hydrogen project by winning the NHPC’s Kargil Green Hydrogen Mobility Station EPC Project as the lowest bidder and was awarded a Rs. 138.72 Crore Solar Power Project from SEML for the second time towards high-quality work.
Furthermore, it also bagged a Rs. 301.5 crore Solar EPC contract from MAHAGENCO at district Akola in Maharashtra and also received sanction of IREDA’s Rs. 513 Crore loan to Gensol EV Lease to finance 3,800 EVs. The company also signed an MoU for Rs. 2,000 crore investment with the Government of Gujarat to expand EV manufacturing in the coming years.
As of December 2023, FIIs hold 2.94 percent of the shares, whereas DIIs hold 0.84 percent of the shares in the company, aggregating to 3.78 percent of the institutional holdings. The Promoters’ holdings have decreased from 64.67 percent in the September 2023 quarter to 62.6 percent in the December 2023 quarter.
Established in 2012, Gensol Engineering Limited, a part of the Gensol group of companies, provides engineering, procurement, and construction (EPC) services for the development of solar power plants.
Moreover, Gensol offers comprehensive EV leasing solutions and provides a diverse range of B2B customers, including PSUs, institutions, government bodies, MNCs, ride-hailing companies, employee transportation service providers, rental companies, logistics firms, and last-mile delivery companies.
Written by Shivani Singh
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