The shares of India’s largest solar engineering company rose 3 percent to Rs 1777.55 per share on Wednesday’s trade after the company secured an order to supply 300 electric vehicles.
At 2:31 p.m., On the Bombay Stock Exchange, Gensol Engineering Ltd shares were trading at Rs 1,747 a share, up Rs 48.80 or 2.87 percent from the previous close price. The company has a market capitalization of Rs 2,134 crore.
As per the company’s exchange filing, Gensol Engineering has secured an order to provide 300 Electric Vehicles on Operational Lease to Odisha Renewable Energy Development Agency (OREDA) on a 5-year Operational Lease with a total value of Rs 115 Crore.
In the last six months Gensol Engineering stock has gained 82 percent and in the last year stock has gained 54 percent.
In the first quarter of fiscal 2023-24, which ended June 30, 2023, Gensol Engineering Limited received orders worth Rs 277 crore for the development of solar power projects in the states of Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Rajasthan.
The company’s profitability metrics show that the return on equity stands at 11.89 percent and the return on capital employed at 6.10 percent.
The company’s revenue climbed by 145 percent year on year, rising from Rs 160 crore in FY 21-22 to Rs 392 crore in FY 22-23. Within the same time period, net profit increased by 118 percent, from Rs 11 crore to Rs 24 crore.
Gensol Engineering Limited offers engineering, procurement, and construction (EPC) services for the development of solar power plants and also the development and production of electric three-wheelers and four-wheelers.
As per current shareholding pattern, the promoters own 64.67 percent of the company, and retail investors own 32.72 percent.
Written by Omkar Chitnis
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