Gensol Engineering Ltd, an Ahmedabad-based solar EPC and advisory services provider, has reported record revenue of INR 391.61 crore (around $47.8 million) for the fiscal year ended March 31, 2023, a whopping rise of 144% over INR 160.41 crore reported in the same period a year ago.
Gensol Engineering managed to put up a stellar show despite the headwinds posed by volatile commodity prices. The company said its revenue growth was boosted by the nation’s renewed focus on the renewable energy sector. “Importantly, the federal government’s ambitious plans to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade and expand the installed capacity of India’s renewable energy to 500 GW by 2030 has imparted a conspicuous impetus to Gensol’s business,” Gensol stated.
India’s electricity generation capacity grew by 22% and renewable energy capacity nearly doubled in the five years to 2022, while power consumption grew 9.5% year-on-year in 2022-23, mainly due to higher demand amid a rise in economic activities.
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