The shares of the solar advisory and execution services provider gained up to 7 percent after the company’s subsidiary received Automotive Research Association of India (ARAI) certification to launch its first flagship electric vehicle.
With a market capitalization of Rs 4,566.90 crore, the shares of Gensol Engineering Ltd were trading at Rs 1205.85 per share, increasing around 1.31 percent as compared to the previous closing price of Rs 1,190.20 apiece.
As per the exchange filing, Gensol Engineering Ltd has received the certification and approval for its unique and revolutionary electric vehicle, from the Automotive Research Association of India (ARAI). This significant accomplishment marks a significant step forward in electric vehicle launch and sale in the Indian market.
Moreover, This certification culminates the vehicle sanction process, which involves vehicle testing both in controlled lab environments and on diverse terrain conditions. Gensol EV successfully met these criteria by navigating the rigorous assessments during the extensive vehicle testing process.
Furthermore, the new modern electric car offers significant to the mission of decarbonizing mobility, which will be manufactured at the state-of-the-art greenfield plant in Pune with an annual production capacity of 30,000 cars.
Looking into Gensol Engineering Ltd’s performance, revenue climbed by 336 percent from Rs 46 Crore in Q3FY23 to Rs 201 Crore in Q3FY24. During the same duration, net profit climbed by 1900 percent from a loss of Rs 1 crore to a profit of Rs 18 crore.
Ace investor Mukul Mahavir Agrawal holds 5,70,000 shares, i.e. equivalent to 1.51 percent of the company as of December quarter 2023.
As of December 2023, The company has an order book of Rs 1,000 crore which includes 600 MW rooftop, ground-mounted, and floating solar projects and 400 EPC projects.
The company has secured its first Green Hydrogen project by winning the NHPC’s Kargil Green Hydrogen Mobility Station EPC Project as the lowest bidder.
Gensol Engineering Limited offers technical due diligence, complete engineering, quality control, construction supervision, and other consulting services for solar projects in many locations, including India.
Written by:- Abhishek Singh
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