Mumbai, 28th October 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 unaudited consolidated and standalone financial results for the second quarter and half year ended September 30th, 2024 (Q2 & H1 FY25).

Consolidated H1 FY25 Highlights:
● Net Debt to Equity reduced to 1.4x as on 30th September 2024, as compared to 2.2x as on March 31, 2024
● Cash Flow from operations has improved to ₹154 Crore in H1FY25 as compared to ₹22 Crore in H1FY24

● In H1 FY25, Gensol’s standalone revenue reached ₹642 Crore and PAT grew by 130% to reach ₹90 Crore YoY (GEL standalone PAT margin is 14.1%)
● At the Gensol H1 FY25 consolidated level, PAT is ₹50 Crore, reflective of the ₹40 Crore impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth
● Gensol remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability

Operational Highlights:

● Won an EPC contract of ₹463 crore for a large-solar plant at Gujarat’s Khavda RE Power Park. The project will be a state-of-the-art solar facility, featuring a fixed tilt module mounting structure and other system components
● Awarded a repeat order of ₹40 crore for a rooftop solar project from a leading textile company
● Successfully emerged as a winning bidder for 116MW (150 MWp) of Solar Projects in Gujarat to be distributed across 27 locations in Gujarat, under the oversight of Paschim Gujarat Vij Co. Ltd. (PGVCL).
● Signed an EPC and long-term O&M contract for a 23 MWp rooftop solar PV project in Dubai, advancing our commitment to sustainable energy solutions in the Middle East
● Entered the U.S. market by establishing Delaware-based subsidiary, Scorpius Trackers Inc., leveraging over a decade of expertise and 1,000 MW+ of contracts across India, Africa, Japan, and the Middle East.

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “India’s renewable energy growth story is unparalleled, driven by ambitious targets and strong government support. Within this dynamic landscape, Gensol is uniquely positioned to play a pivotal role in advancing renewable energy solutions. Gensol’s journey has been transformative, evolving from a focused solar company into a diversified renewable energy leader. Our continuous and robust growth is a testament to our commitment, innovation, and agility. Through the expansion of our core solar offerings and strategic ventures into electric vehicles (EVs), leasing, battery energy storage and green hydrogen, our portfolio enhances our ability to drive value across India’s renewable energy landscape.”

“Looking ahead, Gensol’s strategy remains focused and ambitious. We are committed to investing in clean energy, concentrating our efforts on innovation across solar, EVs, battery energy storage and green hydrogen technologies. Gensol aims to be a trusted partner in India’s transition towards a sustainable energy future and we are committed to delivering long-term value to our shareholders and customers, helping shape a resilient, sustainable future for all.” added Anmol Jaggi.