Gensol Engineering Limited Reports 147% Revenue & 129% PAT Growth in FY24

Mumbai, May 29th, 2024: 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.

Gensol Engineering Limited (GEL) Consolidated Financial Summary:

Particulars (₹ in Crore) Q4FY24 Q4FY23 YoY% FY24 FY23 YoY%
Total Revenue* 412 167 147% 996 403 147%
EBITDA* 92 32 188% 260 82 218%
EBITDA Margin (%) 22.3% 19.1%   26.1% 20.3%  
Profit Before Tax (PBT) 29 11 172% 78 33 135%
Profit after Tax (PAT) 20 7 168% 53 23 129%
Earnings Per Share (EPS) (In ₹) 6.44 2.03 217% 15.80 6.49 144%

    *Total revenue inclusive of other income

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 

Gensol Engineering Limited (GEL) Standalone & Consolidated PAT:

Particulars FY24 ₹  Crore
GEL Standalone PAT 80
Scorpius Trackers Private Limited (STPL) impact (7)
Gensol EV Lease Private Limited (Let’sEV) impact (4)
GEL Electric Vehicle Private Limited (GEVPL)* impact (15)
Others (1)
GEL Consolidated PAT 53

*GEVPL impact is inclusive of capitalized interest expense towards GEL

  • 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

Business Segment / Operational Highlights:


  • Won the first Battery Energy Storage System (BESS) project to provide on-demand energy storage capacity to Gujarat Urja Vikas Nigam Limited (GUVNL). The project will contribute ~₹ 450 Crore to the company’s revenue in 12 years/ over the period of the contract
  • Won a large C&I order of 50 MWp from Sarda Energy & Minerals Ltd (SEML)
  • Awarded Gensol’s largest-ever turnkey EPC order of 100 MW from a leading power generation utility in the state of Maharashtra
  • The strategic acquisition of Scorpius Trackers in FY24 by Gensol to expand the product offering
    • Scorpius Trackers surpassed 1,000 MW in contracted orders across India, Japan, the Kingdom of Saudi Arabia, and Uganda
  • Established Solar EPC subsidiary in the Middle East (M.E.) in FY24 to tap into the promising solar market and appointed Kapil K Nirmal as CEO for M.E. business
  • Appointed Ms. Shilpa Urhekar as the CEO of Solar EPC in India to cement the company’s position as a frontrunner in India’s Renewable Energy landscape

EV Leasing: 

  • Incorporated a new subsidiary Gensol EV Lease Pvt. Ltd. in FY24, now branded as “Let’sEV”
  • Appointed Amit Kumar as CEO of the Leasing business. Under his leadership, the business is tapping into various customers (last mile & middle mile, PSUs, Govt. bodies & employee transportation) expanding the company’s reach to 18 cities and 8 major OEMs

EV Manufacturing: 

  • Gensol EV, an affordable, smart, urban-mobility-focused electric vehicle is proudly “Made in India” at the state-of-the-art manufacturing facility in Chakan, Pune, with a production capacity of 30,000 vehicles per annum. The company got certified and approved by the Automotive Research Association of India (ARAI) in Feb ‘24.

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. “

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