Engineering and consulting firm Gensol Engineering posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter (Q3) of the financial year (FY) 2024, an increase of 748% year-over-year (YoY) from a net loss of ₹19 million (~$228,578).

The increase in net profit could be attributed to the increase in solar engineering, procurement, and commissioning (EPC) orders the company received during the period.

The company’s total revenue stood at ₹2.27 billion (~$27.3 million), a growth of 335% YoY from ₹522 million (~$6.3 million). The revenue from the EPC segment contributed ₹1.7 billion (~$20.4 million), a YoY increase of 386%.

The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 312% YoY to ₹700 million (~$8.4 million) from ₹170 million (~$2 million).

Gensol has an order book valued at over ₹10 billion (~$120.2 million) as of December 2023.

9M FY 2024

Gensol posted a net profit of ₹337 million (~$4.05 million) in the first nine months (9M) of FY 2024, an increase of 111% YoY from ₹160 million (~$1.9 million).

The company’s total revenue stood at ₹5.84 billion (~$ 70.2 million), a growth of 147% YoY from ₹2.36 billion (~$28.4 million). The revenue from the solar EPC segment brought in ₹4.53 billion (~$54.5 million), a YoY increase of 121% YoY.

The EBITDA grew by 238% YoY to ₹1.69 billion (~$20.3 million) from ₹500 million (~$6 million).

The company also received approval for a ₹5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency for EV Lease business to finance 3,800 electric vehicles.

Gensol Engineering recently secured an EPC contract for a 33 MW captive solar power project from Sarda Energy and Minerals, a steel and ferro alloys manufacturer, to meet the power requirements for its Kharora plant in Chhattisgarh.

Earlier, the company won an EPC contract from NHPC to set up a pilot project for a green hydrogen-based mobility station in Kargil, Ladakh.

In October, Gensol Engineering secured a ₹3.02 billion (~$36.3 million) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project. Gensol will undertake the EPC of the project.