The shares of India’s largest independent operator of solar assets gained up to 5 percent after the company signed a Memorandum of Understanding with the state government of Gujarat for an investment of Rs 2,000 crore.
With a market capitalization of Rs 3,173.56 crore, the shares of Gensol Engineering Ltd were trading at Rs 837.95 per share, increasing around 4 percent as compared to the previous closing price of Rs 803.60 apiece.
According to the company filing, Gensol Engineering Ltd signed a Memorandum of Understanding with the state government of Gujarat for an investment of Rs 2,000 crore for electric vehicle manufacturing, it will also generate around 1,500 jobs in the region.
Furthermore, the planned EV manufacturing factory will be a hub of innovation, producing a wide range of cutting-edge EVs across many sectors, serving both commercial and personal vehicle markets. This daring program demonstrates India’s commitment to sustainable development, moving the country toward a cleaner, greener future.
Looking into Gensol Engineering Ltd’s performance, revenue climbed by 141 percent from Rs 80 Crore in Q2FY23 to Rs 193 Crore in Q2FY24. During the same duration, net profit climbed by 128 percent from Rs 7 crore to Rs 16 crore.
Gensol has a signed order book of Rs 1,330 crore in FY2022-23, 10.56 MWp, the world’s second-largest single rooftop project, 25.6 MWp, Gensol’s largest ground mount project, and a 590 MWp EPC portfolio.
The company has developed or consulted on over 400 solar PV projects in India and abroad, with 590 MWp of total capacity successfully deployed across ground-mounted and rooftop solar power plants.
Gensol secured a Rs 633 crore credit line from PFC to develop its electric cab and freight vehicles. The business purchased Scorpius Trackers for Rs 135 crore. Scorpius complements the solar EPC company.
Gensol is a dynamic team of passionate engineers with a portfolio of over 33,693 megawatts. Gensol provides solar consultation, implementation, and operation services for projects in India and worldwide.
Written by:- Abhishek Singh
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