Gensol Engineering wins 116 MW solar project in Gujarat

23 Jul 2024 , 12:43 PM

Gensol Engineering Ltd announced on Monday that it has won the bid for 116 megawatts of solar projects in Gujarat. Gensol Engineering Ltd said in a statement that these projects will be spread across 27 areas and will be overseen by Paschim Gujarat Vij Co. Ltd. (PGVCL), the state’s energy distribution business.

Gensol Engineering won the bid for 116 MW (150 MWp) solar projects in Gujarat, with an estimated EPC income of ₹600 Crore, according to the business.

The projects are expected to be operational within 12 months of receiving the Letter of Award (LOA).

The projects attempt to solarise at the feeder level. Solar power projects can be placed at the feeder level to supply power to single or numerous agricultural feeders from a distribution substation, according to Gensol.

Gensol Engineering is a renewable energy industry leader that specialises in solar power engineering, procurement, and construction (EPC) services, as well as electric mobility solutions.

Gensol Engineering reported an almost threefold increase in total net profit to ₹20 Crore during the March 2024 quarter, owing to increasing revenue. In the previous fiscal year, it made ₹7 Crore in profit after tax (PAT), according to a regulatory filing.

In addition, the company’s overall sales increased to ₹412 Crore in January-March from ₹167 Crore the previous year. As of March 2024, the company had an order book of ₹1,783 Crore, with ₹1,448 Crore coming from the solar segment.

At around 12.39 PM, Gensol Engineering was trading 5% higher at ₹985.15, against the previous close of ₹938.25 on NSE. The counter touched an intraday high and low of ₹985.15, and ₹948.95, respectively.

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