The shares of the solar advisory and execution services provider hit 5 percent upper circuit of Rs 800.10 apiece after the company completed a 160 MW ground-mounted solar project for Continuum Green Energy in Bhavnagar worth Rs 128 crore.
With a market capitalization of Rs 3,030.21 crore, the shares of Gensol Engineering Ltd were trading at Rs 800.10 per share, increasing around 5 percent as compared to the previous closing price of Rs 762 apiece.
According to the company filing, Gensol Engineering Ltd has completed a 160 MW ground-mounted solar project for Continuum Green Energy in Bhavnagar, Gujarat, valued at Rs 128 Crores. This project will contribute significantly to Gensol’s increasing solar EPC project portfolio.
Furthermore, the Continuum Green Energy 160 MW plant is Gensol’s sixth significant ground-mount project, following ground-mount solar projects in Karnataka, Haryana, Gujarat, and Jharkhand.
Moreover, with over 400 clients throughout the country and an EPC order book surpassing Rs 1000 crores, Gensol continues to play an important role in developing India’s renewable energy landscape, propelling the country toward a more sustainable and energy-secure future.
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.
Mukul Mahavir Agrawal, a prominent investor, owns 5,70,000 shares, or 1.51% of the firm, as of December quarter 2023.
Gensol has successfully completed approximately 600 MW of solar projects in India, including rooftop, ground-mounted, and floating installations. The company has executed projects for many clients, including commercial, industrial, and public sector units, using both turnkey and balance-of-system models.
Gensol Engineering Limited offers EPC and solar consulting services. The company provides technical due diligence, full engineering, quality control, construction supervision, and consulting services for solar projects across the world, including India.
Written by:- Abhishek Singh
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