Engineering and consulting firm Gensol Engineering reported a 105% year-over-year (YoY) increase in revenue to ₹2.97 billion (~$35.3 million) in the first quarter (Q1) of fiscal year (FY) 2025 from ₹1.45 billion (~$17.2 million).

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 143% YoY to ₹890 million (~$10.6 million).

The company’s profit before tax (PBT) increased by 86% YoY to ₹270 million (~$3.2 million), and its profit after tax (PAT) grew by 50% YoY to ₹150 million (~$1.7 million), despite the impact of new business segments.

Business Highlights

Gensol has been awarded a ₹4.63 billion (~$55.1 million) solar power project at Gujarat’s Khavda renewable energy power park and 116 MW of solar projects under the KUSUM scheme.

The company is one of India’s largest developers for standalone battery energy storage system (BESS) projects, with a total awarded capacity of 570MW/1,140MWh, which is expected to generate approximately ₹31 billion (~$369.2 million) over a 12-year agreement.

Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering, highlighted the strategic expansion into new business segments such as BESS and electric vehicle leasing.

These areas are poised for significant growth, bolstered by increasing demand for sustainable solutions and supportive government policies.

Gensol Engineering has executed over 770 MW of diverse solar projects and has established an electric vehicle manufacturing facility in Pune.

In the fourth quarter of 2024, the company posted a net profit of ₹348.2 million (~$4.1 million), an increase of 310% from 84.8 million (~$1.01 million) in the same period the previous year.

Recently, Gensol commissioned a 10.6 MW rooftop solar project for Trident’s Budhni Textile Unit in Madhya Pradesh.

In February, Gensol raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.