Gensol Engineering shares hit 5% upper circuit after company reports 141% jump in FY24 revenue
Upstox
2 min read • Updated: April 3, 2024, 12:39 PM
Summary
Gensol Engineering said that the fourth quarter ended March 2024 (Q4 FY24) was the best quarter, with revenue of ₹396 crore seen during the three-month period. Before that, Gensol Engineering had recorded revenue of ₹220 crore in Q3, ₹199 crore in Q2 and ₹145 crore in Q1 of 2022-23.
Shares of renewable energy player Gensol Engineering Ltd were locked in the 5% upper circuit limit on Wednesday, April 3, (Wednesday) after the company said that it has recorded its best-ever annual revenue.
In a stock exchange notification, Gensol Engineering announced that its revenue from operations surpassed ₹960 crore in the financial year 2023-24. This marks a growth rate of 141% compared with the corresponding figure of ₹398 crore for FY 2022-23.
Following the announcement, the share price of Gensol Engineering gained as much as 5% to hit the upper circuit limit at ₹948.95 per share on the NSE. Year-to-date, the stock has gained nearly 12%.
Giving further details of FY24 performance, the company said that the fourth quarter ended March 2024 (Q4 FY24) was the best quarter, with revenue of ₹396 crore seen during the three-month period.
Before that, Gensol Engineering had recorded revenue of ₹220 crore in Q3, ₹199 crore in Q2 and ₹145 crore in Q1 of FY24.
Commenting on record revenues, Gensol Engineering’s chairman and managing director Anmol Singh Jaggi said: “This financial performance of the company reflects robust and commendable growth trajectory exceeding the guidance given in our last earnings conference call in January 2024.”
“This achievement solidifies our status as a frontrunner in the renewable energy industry, emphasising our unwavering commitment to growth,” he added.
Incorporated in 2012, Gensol Engineering is the flagship company of the Gensol group. It specialises in engineering, procurement, and construction (EPC) services, focusing on the solar power sector.
The company has a track record of over 600 MW in diverse solar projects, including rooftop, ground-mounted, and floating installations across India. These projects have been completed for a wide range of clients, including commercial, industrial, and public sector units, under both turnkey and balance-of-system arrangements.
Gensol has also established an electric vehicle (EV) production facility in Pune, Maharashtra, for electric three-wheelers and four-wheelers.