Gensol Engineering Limited Reports 147% Revenue & 129% PAT

Mumbai, May twenty ninth, 2024: Gensol Engineering Limited (BSE: 542851) (NSE: GENSOL), a outstanding participant within the renewable vitality sector specializing in photo voltaic engineering, procurement, and building (EPC) companies, together with electrical mobility options, right now introduced its audited consolidated monetary outcomes for the fourth quarter (Q4FY24) and monetary yr (FY24) ended March 31, 2024.

Gensol Engineering Limited (GEL) Consolidated Financial Summary:

*Total income inclusive of different earnings

FY24 Highlights:

• Total Revenue was ₹996 Crore for FY24 in comparison with ₹403 Crore in FY23, a rise of 147%
• EBITDA stood at ₹260 Crore for FY24 in comparison with ₹82 Crore throughout FY23, a rise of 218%
• EBITDA Margin elevated by 580 bps to 26.1% in FY24 as towards 20.3% in FY23
• PBT was ₹78 Crore for FY24 in comparison with ₹33 Crore in FY23, a rise of 135%
• PAT stood at ₹53 Crore for FY24 in comparison with ₹23 Crore in FY23, a rise of 129%
• EPS elevated by 144% to ₹15.80 in FY24 from ₹6.49 in FY23.
• As of thirty first March 2024, the order ebook stood at ₹1,783 Crore: ₹ 1,448 Crore from the Solar section and ₹335 Crore from the Leasing section
• Reports Net Debt of ₹852 Crore and Cash of ₹544 Crore

Gensol Engineering Limited (GEL) Standalone & Consolidated PAT:

*GEVPL influence is inclusive of capitalized curiosity expense in the direction of GEL

• In FY24, GEL’s standalone income grew by 149% YoY to achieve ₹944 Cr and PAT grew by 221% to achieve ₹80 Cr YoY (GEL standalone PAT margin is 8.5%)
• At GEL consolidated stage PAT is ₹53 Cr, reflective of the ₹27 Cr influence of its subsidiaries in new segments of photo voltaic trackers and e-mobility, which have immense headroom for development
• GEL stays dedicated to spend money on its new enterprise segments that are anticipated to extend multifold within the close to future, contributing to total profitability

Business Segment / Operational Highlights:

Solar:

• Won the primary Battery Energy Storage System (BESS) venture to supply on-demand vitality storage capability to Gujarat Urja Vikas Nigam Limited (GUVNL). The venture will contribute ~₹ 450 Crore to the corporate’s income in 12 years/ over the interval of the contract
• Won a big C&I order of fifty MWp from Sarda Energy & Minerals Ltd (SEML)
• Awarded Gensol’s largest-ever turnkey EPC order of 100 MW from a number one energy era utility within the state of Maharashtra
• The strategic acquisition of Scorpius Trackers in FY24 by Gensol to increase the product providing
  • Scorpius Trackers surpassed 1,000 MW in contracted orders throughout India, Japan, the Kingdom of Saudi Arabia, and Uganda
• Established Solar EPC subsidiary within the Middle East (M.E.) in FY24 to faucet into the promising photo voltaic market and appointed Kapil Okay Nirmal as CEO for M.E. enterprise
• Appointed Ms. Shilpa Urhekar because the CEO of Solar EPC in India to cement the corporate’s place as a frontrunner in India’s Renewable Energy panorama

EV Leasing:

• Incorporated a brand new subsidiary Gensol EV Lease Pvt. Ltd. in FY24, now branded as “Let’sEV”
• Appointed Amit Kumar as CEO of the Leasing enterprise. Under his management, the enterprise is tapping into numerous clients (final mile & center mile, PSUs, Govt. our bodies & worker transportation) increasing the corporate’s attain to 18 cities and eight main OEMs

EV Manufacturing:

• Gensol EV, an reasonably priced, good, urban-mobility-focused electrical automobile is proudly “Made in India” on the state-of-the-art manufacturing facility in Chakan, Pune, with a manufacturing capability of 30,000 automobiles every year. The firm received licensed and authorised by the Automotive Research Association of India (ARAI) in Feb ‘24.

Commenting on the general efficiency of the Company, Mr. Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited mentioned, “The FY24 outcomes have been exceptional for us, reflecting a considerable enhance throughout all enterprise matrices. This development is a testomony to our management within the Solar EPC sector, the place we now have efficiently executed various photo voltaic tasks encompassing ground-mounted, rooftop, and floating photo voltaic installations throughout nearly all states of India. This has helped solidify our place as one of many prime EPC gamers in India. Furthermore, we proceed to take strategic bets like Scorpius Trackers’ acquisition, Middle East entry & BESS entry and we proceed to increase into segments equivalent to EV leasing and EV manufacturing. This displays our dedication to innovation and sustainable development. As we step up our investments in these new segments, we’re assured that we are going to seize the expansion alternatives introduced by the renewable vitality and eMobility sectors and contribute to India’s vitality transition. I wish to take this chance to thank my staff at Gensol and all my stakeholders who’ve proven immense religion in our journey.