On Thursday, 28th september shares of an engineering company gained 4.6 percent after the company announced that they received an order from tata group for manufacturing 500 Tata ace cargo Evs.
Shares of Gensol engineering were trading at Rs. 2078 per share at 12:25 pm 28th september up by 4.6 percent from previous closing price. The company has a market capitalisation of 2514 crore.
Such bullish stock price movements are observed after the company, through a regulatory filing with the Bombay stock exchange (BSE), informed that the company’s subsidiary Gensol EV Ltd has bagged orders for leasing more than 500 Tata ace cargo Evs.
The order is valued at Rs. 75 crore. Moreover, Company is also working with Public sector units (PSUs) for last mile delivery and employee transportation business with a leasing requirement of 100+ electric vehicles.
Having a walkthrough at financial reports, the company’s revenue has decreased by 9 percent compared to the previous quarter, from 166 crore in Q4FY23 to 151 crore in Q1FY24. On the other hand net profit has increased by 36 percent from 7.31 crore in Q4FY23 to 10 crore in Q1FY24.
Looking at the financial ratios, Company reported return of equity (ROE) of 19.38 percent and return on capital employed (ROCE) of 11.95 percent in the last financial year.
Gensol Engineering Ltd is engaged in the business of solar consulting, they provide detailed engineering, quality control, construction supervision and other consultancy services for solar projects across various countries. They also have a subsidiary Gensol EV which is engaged in the EV manufacturing business.
Written by Vinit Israni
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