Gensol Engineering profit surges by 125%

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Gensol Engineering Ltd, an EPC solutions provider for renewable energy projects, has reported consolidated revenue of INR 3,974 million for FY 2023, up 145% year-on-year. Net profit (profit after tax) surged 125% to INR 249 million ($3 million).

During FY 2023, the company won the bid to develop 30 MWac floating solar projects with a value of INR 232.49 crore. It received a purchase order for the development of solar power projects with a total capacity of over 247 MWp, which includes a single order from a large IPP to develop 180 MWp ground-mount projects in Gujarat.

Gensol also acquired Pune-based solar tracker specialist Scorpius Trackers to offer its clients an end-to-end EPC solution that includes solar tracking technology.

Expanding its operations, Gensol has established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India. Alongside, it offers comprehensive EV leasing solutions and serves ride-hailing players with its buy-and-lease package of EV cars.

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