Gensol Engineering shares jump 5% after robust Q2 performance

Shares of Gensol Engineering rose about 5 per cent during the trading session on Wednesday after the company reported a strong set of numbers in the quarter and half year ended on September 30, 2023. The company announced its results during the trading session on Wednesday itself.

Gensol Engineering reported a 51 per cent rise year-on-year (YoY) in the net profit at Rs 11.92 crore in the September 2023 quarter. Its net profit came in at Rs 7.89 crore in the year-ago period. On a sequential basis (QoQ), net profit surged 16 per cent from Rs 10.24 crore in the June 2023 quarter.

Gensol's Revenue from operations jumped more than 145 per cent to Rs 199.43 crore in the second quarter of the ongoing financial year, which was Rs 80.92 crore in the year-ago period. The company's revenue was up 38 per cent QoQ from Rs 144.60 crore in Q1FY24.

Shares of Gensol Engineering rose about 5 per cent to Rs 838.25 during the trading session, but finally settled at Rs 827 piece on Wednesday, with a market capitalization of close to Rs 3,150 crore. The stock recently traded ex-bonus in a 2:1 ratio in September 2023.

For the half year ended September 2023, the company's revenue from operations increased 88 per cent to Rs 344.03 crore from Rs 183.25 crore in the same period previous year. Net profit jumped 24 per cent YoY to Rs 22.16 crore in H1FY24 from Rs 17.86 crore, while EBITDA almost tripled to Rs 98.83 crore in April-September 2023 period.

H1FY24 has been a half year of remarkable leaps for Gensol. Strategic moves like the acquisition of Scorpius Trackers, international foray with EPC projects in UAE, securing a Letter of Intent (LOI) to supply 300 Electric Vehicles to Orissa Renewable Energy Development Agency (OREDA) highlight expansion, said Anmol Singh Jaggi, Managing Director, Gensol Engineering.

Founded in 2012, Gensol Engineering offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Gensol has successfully installed solar power plants with combined operations, and has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India.
 

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