Gensol Engineering profit 129% up in FY 2024

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Gensol Engineering Ltd, a solar engineering, procurement, and construction (EPC) services and electric mobility solutions provider, has announced its audited consolidated results for the financial year ended March 31, 2024.

Total revenue for FY 2024 was INR 996 crore, 147% up compared to INR 403 crore in FY 2023.   Profit after tax (PAT) for FY 2024 was 129% up year-on-year to INR 53 crore.

As of March 31, 2024, the order book stood at INR 1,783 crore, comprising INR 1,448 crore from the solar segment and INR 335 crore from the leasing segment.

Operational highlights

Gensol won a battery energy storage system (BESS) project to provide on-demand energy storage capacity to Gujarat Urja Vikas Nigam Ltd (GUVNL). The project will contribute INR 450 crore to the company’s revenue in 12 years (over the contract period). It also won a commercial and industrial solar order of 50 MWp from Sarda Energy & Minerals Ltd and turnkey EPC order of 100 MW from a power generation utility in the state of Maharashtra.

Gensol acquired Scorpius Trackers in FY24 to expand its product offering. Scorpius Trackers surpassed 1 GW in contracted orders across India, Japan, the Kingdom of Saudi Arabia, and Uganda.

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