Gensol Engineering wins ₹897 Crore solar project order

27 Dec 2024 , 09:09 AM

Gensol Engineering won a ₹897 Crore contract from NTPC Renewable Energy Limited (NTPC REL) to develop 225 MW grid-connected solar plants.

According to a regulatory filing, the project would be developed using an EPC (engineering, procurement, and construction) model at the GSECL Solar Park (Stage-III) in Khavda, Rann of Kutch, Gujarat.

The contract is for the development of 225 MW AC (alternating current), equivalent to 276 MW DC (direct current), grid-connected solar installations.

The overall bid value for three years, including operations and maintenance (O&M), is roughly ₹897.47 Crore, including taxes and levies. The agreement between NTPC REL and Gensol Engineering was finalized last week.

The company’s net sales were ₹346.49 Crore in September 2024, up 13.76% from ₹304.58 Crore in September 2023. Its quarterly net profit was reported at ₹29.38 Crore in September 2024, up 60.55% from ₹18.30 Crore in September 2023.

EBITDA in September 2024 is ₹106.94 Crore, up 125.8% from ₹47.36 Crore in September 2023.

Gensol Engineering Ltd provides solar consultancy and EPC services. The company is among the top ten EPC players in India, as well as the top five independent EPC players. The company has a market capitalization of ₹2,700 Crore.

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