Gensol Engineering was locked in 5% upper circuit at Rs 983.90 after the company announced that it has emerged as winning bidder for 116 MW (150 MWp) of solar projects in Gujarat with approx. EPC revenue of Rs 600 crore.
These projects will be distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state electricity distribution company.
These projects aim for feeder-level solarisation and are anticipated to be operational within 12 months following the issuance of the Letter of Award (LoA).
The solarisation of agricultural feeders that are either already segregated or primarily serve agricultural loads by installing grid-connected solar projects to meet their annual power requirements.
At the feeder level, solar power projects can be deployed to fulfil the power needs of single or multiple agricultural feeders from a distribution sub-station.
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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 consolidated net profit stood at Rs 19.78 crore in Q4 FY24, steeply higher than Rs 7.38 crore in Q4 FY23. Revenue from operations soared 143.28% to Rs 398.82 crore in Q4 FY24.
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