Gensol Engg gains on bagging order worth Rs 88 cr

Gensol Engineering added 1.44% to Rs 782.90 after the company said that it has secured a first large turnkey solar project order worth Rs 88 crore from a leading public steel product company in Punjab.

The project involves the development of a 22 MW ground-mounted solar PV power plant with a total contract value of Rs 88 crore and is set to be executed over a 6-month period.

The project will feature high-efficiency bi-facial solar modules, selected to maximize energy output and ensure long-term durability. This innovative approach supports India's ambitious renewable energy goals and plays a key role in developing a strong green energy infrastructure.

 

With solar power leading the way, renewable solutions are increasingly popular in the commercial and industrial sectors, helping businesses reduce their carbon footprint and embrace sustainability.

By leveraging its expert design and execution capabilities, Gensol will ensure optimal capture and utilization of solar energy that will help the customer make its manufacturing processes more sustainable and responsible. The awarding of this contract to Gensol highlights the companys growing expertise and proven track record of delivering renewable energy projects on time, it added.

Shilpa Urhekar, chief executive officer (CEO), Solar EPC (India), Gensol Engineering, said, " We are deeply grateful for the trust placed in us by the customer. This significant project is a testament to Gensols growing expertise as a provider of comprehensive, end-to-end solar solutions for commercial, industrial, and corporate clients to meet their sustainability and energy transition commitments.

It will play a vital role in advancing Indias clean energy transition, aligning with our firm commitment to contributing to the low-carbon energy mix. We look forward to further collaborating with the state of Punjab and the steel industry to support and enhance Indias renewable energy goals and decarbonise the supply chain & manufacturing.

Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

The company's consolidated net profit doubled to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in Q1 FY25 over Q1 FY24.

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