Shares of this infra stock under the ‘small-cap’ category hit the 5 percent upper circuit in Wednesday’s trading session after the company registered its highest-ever increase in revenues IN FY24. In the past year, the company’s stock gave nearly multibagger returns to its shareholders, gaining nearly 95 percent.
With a market capitalization of Rs 3,593.95 crores, the stocks of Gensol Engineering Limited, a leading player in the renewable energy sector, started their trading session on Wednesday at Rs 941.95 and currently are locked in the 5 percent upper circuit recorded at a price of Rs 948.95.
Such sharp movements in the company’s share price were witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced key business updates related to the sales as well as production levels for FY24.
The infra company registered its highest-ever revenue from operations, surpassing Rs 960 crores, representing an extraordinary growth rate of approximately 141 percent compared to the figure reported during the previous financial year, i.e., at Rs 397.97 crores.
“This achievement solidifies our status as a frontrunner in the renewable energy industry, emphasising our unwavering commitment to growth.”, commented Mr. Anmol Singh Jaggi, Chairman and MD, Gensol Engineering Limited.
During the recent financial quarters, the company’s prime business indicators, its operating revenues as well as after-tax profits, showed positive movements with the former moving up from Rs 193 crores during Q2FY24 to Rs 201 crores during Q3FY24, and the latter, during the same period, rising marginally from Rs 16 crores to Rs 18 crores.
According to the latest presentations, the company’s outstanding order book of Solar EPC is more than Rs 1,000 crores. The company’s revenue split data, as of December 2023, portrayed 80 percent of the contribution from the ‘Solar EPC’ segment, 16 percent from the ‘EV Lease’ segment, and the remaining percentage from the ‘Solar Tracker’ segment.
Gensol Engineering Limited is engaged in providing renewable energy solutions, mainly focusing on solar engineering, procurement, and construction (EPC) projects. It also provides technical due diligence, quality control, supervision, and other consulting services for solar projects across various countries apart from domestic operations.
Written by Amit Madnani
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