Gensol share price tanks over 16% as Q3 earnings fail to cheer investors; stock touches 52-week low; check details

Gensol on Tuesday reported over 6% rise in consolidated profit after tax to ₹18 crore in the December quarter, on account of increased revenue. It posted ₹17 crore PAT in the year-ago period, the company said in a statement.

During the intraday trade, the company was trading 15.82% lower at ₹592.40 on BSE. Gensol touched its 52-week low of ₹585.80 on Wednesday.

The company's total revenue increased 30% to ₹345 crore from ₹266 crore in the same quarter a year ago, it said.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹63 crore during the quarter compared to ₹53 crore a year earlier.

During the quarter, Gensol Engineering won a major EPC contract from a well-known public sector undertaking for the development of a 275 MW Solar PV Project at RE Solar Park, Khavda Rann of Kutch, Gujarat.

The total bid value is around ₹1,061.97 crore (including GST), which also covers three years of operation and maintenance (O&M).

It also secured a major contract with NTPC Renewable Energy Ltd to develop a 225MW-AC (276 MWDC) solar PV system at GSECL Solar Park, Gujarat, worth ₹897.47 crore, the statement added.

Gensol Engineering also secured an EPC contract worth ₹967.98 crore for the development of a 245 MW solar PV project at Khavda RE Power Park in Gujarat last month.

The contract, valued at approximately ₹967.98 crore (inclusive of GST), includes three years of comprehensive operations and maintenance services, a company statement said.