Gensol Engineering Limited Reports 147% revenue & 129% PAT growth in FY24

Gensol Engineering Limited (BSE: 542851) (NSE: GENSOL), a prominent player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) services, along with electric mobility solutions, today announced its audited consolidated financial results for the fourth quarter (Q4FY24) and financial year (FY24) ended March 31, 2024.

FY24 Highlights:

• Total Revenue was Rs.996 Crore for FY24 compared to Rs.403 Crore in FY23, an increase of 147%
• EBITDA stood at Rs.260 Crore for FY24 compared to Rs.82 Crore during FY23, an increase of 218%
• EBITDA Margin increased by 580 bps to 26.1% in FY24 as against 20.3% in FY23

Business Segment / Operational Highlights:

          Solar:

• Won the first Battery Energy Storage System (BESS) project to provide on-demand energy storage capacity to Gujarat Urja Vikas Nigam Limited (GUVNL). The project will contribute ~Rs.450 Crore to the company’s revenue in 12 years/ over the period of the contract
• Won a large C&I order of 50 MWp from Sarda Energy & Minerals Ltd (SEML)
• Awarded Gensol’s largest-ever turnkey EPC order of 100 MW from a leading power generation utility in the state of Maharashtra
• The strategic acquisition of Scorpius Trackers in FY24 by Gensol to expand the product offering
• Scorpius Trackers surpassed 1,000 MW in contracted orders across India, Japan, the Kingdom of Saudi Arabia, and Uganda
• Established Solar EPC subsidiary in the Middle East (M.E.) in FY24 to tap into the promising solar market and appointed Kapil K Nirmal as CEO for M.E. business
• Appointed Ms. Shilpa Urhekar as the CEO of Solar EPC in India to cement the company’s position as a frontrunner in India’s Renewable Energy landscape

EV Leasing:

• Incorporated a new subsidiary Gensol EV Lease Pvt. Ltd. in FY24, now branded as “Let’sEV”
• Appointed Amit Kumar as CEO of the Leasing business. Under his leadership, the business is tapping into various customers (last mile & middle mile, PSUs, Govt. bodies & employee transportation) expanding the company’s reach to 18 cities and 8 major OEMs

EV Manufacturing:  Gensol EV, an affordable, smart, urban-mobility-focused electric vehicle is proudly "Made in India" at the state-of-the-art manufacturing facility in Chakan, Pune, with a production capacity of 30,000 vehicles per annum. The company got certified and approved by the Automotive Research Association of India (ARAI) in Feb ‘24.

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, “The FY24 results have been remarkable for us, reflecting a substantial increase across all business matrices. This growth is a testament to our leadership in the Solar EPC sector, where we have successfully executed diverse solar projects encompassing ground-mounted, rooftop, and floating solar installations across almost all states of India. This has helped solidify our position as one of the top EPC players in India. Furthermore, we continue to take strategic bets like Scorpius Trackers’ acquisition, Middle East entry & BESS entry and we continue to expand into segments such as EV leasing and EV manufacturing. This reflects our commitment to innovation and sustainable growth. As we step up our investments in these new segments, we are confident that we will capture the growth opportunities presented by the renewable energy and eMobility sectors and contribute to India's energy transition. I would like to take this opportunity to thank my team at Gensol and all my stakeholders who have shown immense faith in our journey."