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 ₹996 Crore for FY24 compared to ₹403 Crore in FY23, an increase of 147%

- EBITDA stood at ₹260 Crore for FY24 compared to ₹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

- PBT was ₹78 Crore for FY24 compared to ₹33 Crore in FY23, an increase of 135%

- PAT stood at ₹53 Crore for FY24 compared to ₹23 Crore in FY23, an increase of 129%

- EPS increased by 144% to ₹15.80 in FY24 from ₹6.49 in FY23. 

- As of 31st March 2024, the order book stood at ₹1,783 Crore: ₹ 1,448 Crore from the Solar segment and ₹335 Crore from the Leasing segment

- Reports Net Debt of ₹852 Crore and Cash of ₹544 Crore

- In FY24, GEL's standalone revenue grew by 149% YoY to reach ₹944 Cr and PAT grew by 221% to reach ₹80 Cr YoY (GEL standalone PAT margin is 8.5%)

- At GEL consolidated level PAT is ₹53 Cr, reflective of the ₹27 Cr impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth

- GEL remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability

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."

Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 969.40 as compared to the previous close of Rs. 998.85. The total number of shares traded during the day was 40652 in over 3010 trades.

The stock hit an intraday high of Rs. 1014.30 and intraday low of 960.00. The net turnover during the day was Rs. 39946295.00.

Source : Equity Bulls

Keywords

GensolEngineering INE06H201014 Q4FY24 FY2024 ResultUpdate FY24