Engineering and consulting firm Gensol Engineering posted a net profit of ₹348.2 million (~$4.1 million) during the fourth quarter (Q4) of 2024, a year-over-year (YoY) increase of 310% from 84.8 million (~$1.01 million).

The company’s revenue for the quarter stood at ₹3.78 billion (~$45.3 million), up 155% YoY from ₹1.48 billion (~$17.7 million).

The company posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter, an increase of 748% YoY from a net loss of ₹19 million (~$228,578).

Gensol secured its first battery energy storage system project, providing on-demand energy storage capacity to Gujarat Urja Vikas Nigam (GUVNL), which is expected to contribute approximately ₹4.5 billion (~$54 million) to the company’s revenue over 12 years.

The company also won a 50 MW project from Sarda Energy & Minerals (SEML). It was awarded its largest-ever turnkey EPC order of 100 MW by a power generation utility in Maharashtra.

In FY24, Gensol acquired Scorpius Trackers to expand its product offerings. Scorpius Trackers has exceeded 1,000 MW in contracted orders across India, Japan, Saudi Arabia, and Uganda.

Gensol also established a solar EPC subsidiary in the Middle East to capitalize on the promising solar market and strengthen its leadership in the renewable energy sector.

In FY24, the company incorporated a subsidiary, Gensol EV Lease, focusing on affordable, smart urban mobility.

The company’s annual production capacity is 30,000 vehicles.

Full Year 2024

For FY24, the profit after tax was ₹530 million (~$6.3 million), up from ₹230 million (~$2.7 million) in FY23, a 129% increase.

The company’s revenue for the year was recorded at ₹9.96 million (~$119,558), compared to ₹4.03 million (~$48,373) in FY23, a 147% YoY rise.

The EBITDA for FY24 rose 218% to ₹2.6 billion (~$31.2 million) from  ₹820 million (~$9.8 million) in the previous year.

As of March 31, 2024, the order book totaled ₹17.83 billion (~$214 million), with ₹14.48 billion (~$173.8 million) from the solar segment and ₹3.35 billion (~$40.2 million) from the leasing segment.

The company said it would focus on investing in its new business segments.

Recently, Gensol commissioned a 10.6 MW rooftop solar project for Trident’s Budhni Textile Unit in Madhya Pradesh. The project utilizes nearly 20,000 545Wp Longi Hi-MO 5 Bifacial Dual Glass LR5-72HBD modules and is expected to produce approximately 15,000 MWh annually.

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.