Share prices of a leading renewable energy and electric mobility pioneer, moved up by nearly 4.19 percent to Rs. 915.1 on BSE in the morning trading session of Friday, compared to the previous closing price of Rs. 878.3, after the company announced securing a solar project worth Rs. 520 crore.
With a market cap of Rs. 3,438.5 crore, at 11:57 a.m. the shares of Gensol Engineering Limited were trading in the green at Rs. 913.45, up by nearly 3.85 percent.
The company has delivered negative returns of around 54.05 percent in the last six months, and nearly 32.7 percent in the last one year. However, so far, it has given around 7.4 percent of positive returns in 2024.
According to the recent filings on the stock exchanges, Gensol Engineering Ltd. received an EPC order from a leading power generation utility in the state of Maharashtra.
With this, the company secured the largest-ever turnkey EPC order in terms of size and value, with the order value pegged at Rs. 520 crore, and will deliver as per the tender’s stipulation of a 450-day completion timeline.
The project involves the development of a 100 MWAC/135 MWp ground-mount solar PV power project over 500 acres in Maharashtra.
The project aims to enhance Maharashtra’s energy infrastructure while also contributing significantly towards India’s sustainable energy goals.
Gensol Engineering Limited reported robust Q3 FY23-24 growth and recorded revenue growth of 331.3 percent on a year-on-year basis from Rs. 51 crore in Q3 FY22-23 to Rs. 220 crore for Q3 FY23-24, accompanied by the net profit growth of around 700 percent on a year-on-year basis to Rs. 12 crore in Q3 FY23-24 from a loss of Rs. 2 crore in Q3 FY22-23.
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.
As of December 2023, FIIs hold 2.94 percent of the shares, while 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 by 2.07 percent from 64.67 percent in Q2 FY23-24 to 62.6 percent in Q3 FY23-24.
The ace investor, Mukul Mahavir Agrawal, holds 5.7 lakh equity shares, representing a 1.51 percent stake, in Gensol Engineering, as of December 2023.
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 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
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
