Gensol Engineering shares gain 6% - Check details

Shares of electric equipment company Gensol Engineering surged over 6 per cent amid strong market sentiments on Tuesday. The counter opened in green at Rs 930 and surged further to touch the high of Rs 988.85 - a gain of 6.81 per cent from the previous close of Rs 925.80.

The stock has been in focus as the company has posted over two-fold growth in standalone profit after tax (PAT) Rs 32.5 crore for the quarter ended June 2024 on higher revenues.

It had reported a PAT of Rs 12.3 crore in the April-June period of the preceding 2023-24 financial year, the company said in an exchange filing.

The company's revenues surged to Rs 275 crore from Rs 147 crore in the year-ago quarter.

Gensol Engineering Ltd Chairman and Managing Director Anmol Singh Jaggi said, "Our performance in Q1 FY25 has been exceptional. Gensol is expanding its presence in current and new business segments like Solar, BESS (battery energy storage systems) & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability".

The renewable energy space is experiencing rapid expansion, driven by increasing demand for sustainable solutions and supportive government policies, he added.

Gensol Engineering recently bagged a Rs 463 crore solar plant project at Gujarat's Khavda RE Power Park.

It is a leading player in the renewable energy sector, specialising in solar power engineering, procurement and construction (EPC) services, along with electric mobility solutions.