Gensol Engineering Achieves Record Q1 FY25 Growth with Major Solar Projects

Gensol Engineering Limited , a leading player in renewable energy and electric mobility solutions, has announced robust financial results for the quarter ended June 30, 2024 (Q1 FY25).

For the standalone segment, Gensol reported a substantial revenue increase of 87% year-over-year (YoY), reaching ₹275 Crore compared to ₹147 Crore in Q1 FY24. EBITDA surged by 143% YoY to ₹90 Crore, with an EBITDA margin rising to 32.7%, up from 25.2% in the previous year. Profit Before Tax (PBT) more than doubled, increasing by 157% to ₹43 Crore, while Profit After Tax (PAT) grew by an impressive 165% to ₹32.5 Crore, reflecting a PAT margin of 11.8%.

On a consolidated basis, total revenue reached ₹297 Crore, a 105% increase from ₹145 Crore in Q1 FY24. EBITDA stood at ₹89 Crore, up 143% YoY, with an EBITDA margin of 30.0%. Consolidated PBT increased by 86% to ₹27 Crore, and PAT grew by 50% to ₹15 Crore. The company reported a net debt to equity ratio of 1.86x as of June 30, 2024.

The consolidated PAT of ₹15.1 Crore includes the impact of subsidiaries in solar trackers and e-mobility, which collectively had a ₹17.4 Crore effect. Despite this, Gensol’s standalone PAT performance remains strong, reflecting a PAT margin of 11.8%.

Operational Highlights:

• Solar Projects: Gensol secured a ₹463 Crore solar plant project at Khavda RE Power Park, Gujarat, and won 116 MW of solar projects under the KUSUM yojna across 27 locations in Gujarat.
• Battery Energy Storage Systems (BESS): The company has been awarded a total capacity of 570 MW / 1140 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL), projected to generate revenue exceeding ₹3100 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
• Leadership: Binaya Bhusan Panda has been appointed as the Chief Operating Officer (COO).

Mr. Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering Ltd., commented, “Our Q1 FY25 performance has been exceptional. We are committed to expanding in solar, BESS, and EV leasing, which are set for significant growth. The renewable energy sector’s rapid expansion, driven by growing demand for sustainable solutions and supportive government policies, positions us well for future opportunities. We are confident in our ability to contribute significantly to India’s energy transition goals as we increase investments in these emerging segments.”

Gensol remains dedicated to leveraging its expertise and investments to drive growth in the renewable energy and electric mobility sectors.