According to a stock exchange filing made by the company, it standalone net profit more than doubled to Rs 15.68 crore, helped by higher income.
Stock Market News: Gensol Engineering shares on Wednesday traded higher as the company declared its September 2023 result. The stock surged around 4 per cent to Rs 825 in afternoon trade after the company announced that its profit jumped by 100 per cent.
According to a stock exchange filing made by the company, it standalone net profit more than doubled to Rs 15.68 crore, helped by higher income. It had clocked Rs 7.31 crore net profit in the year-ago period.
Gensol Engineering, which offers engineering, procurement and construction (EPC), and solar advisory services, said that its total income in the September 2023 quarter rose to Rs 201.61 crore from Rs 80.29 crore in the same quarter a year ago while expenses were seen at Rs 180.21 crore as against Rs 71.69 crore in the year-ago quarter.
“H1FY24 has been a half year of remarkable leaps for Gensol, with 88 per cent revenue growth and 24 per cent PAT increase,” Anmol Singh Jaggi, Managing Director, Gensol Engineering said.
Gensol Engineering which is a part of Gensol Group, said that it has also established a electric vehicle manufacturing facility in Pune. It will develop and produce electric three-wheelers and four-wheelers. The company is planning to launch its first electric vehicle (EV) by next year.
It has plans to set up another plant in Sanand and has already submitted a plan for approval of its first unit to the Automotive Research Association of India (ARAI).
Anmol Singh Jaggi, Managing Director, said that the management is committed to expansion and innovation. The company recently acquired Scorpius Trackers and forayed into international market with EPC projects in the UAE.
It also secured a Letter of Intent (LoI) to supply 300 EVs to Orissa Renewable Energy Development Agency (OREDA).