Gensol Engineering Achieved a Remarkable 88% YoY Revenue Growth And A 24% PAT Improvement In H1FY24

Gensol Engineering Limited, a prominent player in the renewable energy and electric mobility sectors, has proudly revealed its consolidated financial achievements for the first half of the year and the quarter ending on September 30, 2023. This disclosure comes hot on the heels of the company’s recent listing on the main boards of both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Notably, this milestone also marks Gensol’s transition from the Indian Generally Accepted Accounting Principles (IGAAP) standard to the Indian Accounting Standards (Ind AS) for the first time.

In terms of financial performance, Gensol Engineering demonstrated remarkable growth in various key indicators. Their revenue for the first half of fiscal year 2024 (H1FY24) surged to ₹34,403 lakh, representing an impressive 88% increase from the previous year’s ₹18,325 lakh in H1FY23. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also witnessed substantial growth, reaching ₹9,883 lakh in H1FY24, which is a remarkable 197% surge from the ₹3,330 lakh recorded in H1FY23.

Moreover, the Profit Before Tax (PBT) soared to ₹3,165 lakh in H1FY24, reflecting a robust growth of 68% from ₹1,882 lakh in H1FY23. Not to be outdone, the Profit After Tax (PAT) showed a notable increase of 24%, amounting to ₹2,216 lakh in H1FY24 compared to ₹1,786 lakh in H1FY23. This exceptional financial performance underscores Gensol’s commitment to sustainable growth in the renewable energy and electric mobility sectors.

In addition to their financial achievements, Gensol Engineering has made significant strategic moves during this period. These include the acquisition of Scorpius Trackers, expanding their footprint with Engineering, Procurement, and Construction (EPC) projects in the United Arab Emirates, and securing a Letter of Intent (LOI) to supply 300 Electric Vehicles to the Orissa Renewable Energy Development Agency (OREDA). These endeavors exemplify the company’s dedication to innovation and expansion.

Mr. Anmol Singh Jaggi, the Managing Director of Gensol Engineering Limited, expressed his enthusiasm for the company’s performance, stating, “H1FY24 has been a half year of remarkable leaps for Gensol, with 88% revenue growth and a 24% increase in PAT. Rewarding our shareholders, we have rolled out a 2:1 bonus share bonanza, doubling down on their trust in us. Gensol is on a fast track to a future where innovation, growth, and sustainability drive shareholder wealth.”

Gensol Engineering Limited’s financial achievements and strategic moves in H1FY24 demonstrate their commitment to driving growth, innovation, and sustainability in the renewable energy and electric mobility sectors, which bodes well for the company’s shareholders and stakeholders alike.