Gensol Engineering Ltd, a renewable energy and electric mobility company, announced its consolidated financial results for the first quarter ending June 30 of the fiscal year 2023-24.
Revenue for Q1 FY24 stood at INR 1,517 million, 47% up year-on-year from INR 1,029 million in Q1 FY23. EBITDA was up 179% YoY to INR 437 million. Profit after tax (PAT) for the quarter grew 2% YoY to INR 102 million.
Gensol Engineering offers engineering, procurement, and construction (EPC) services for developing solar power plants. It has installed ground-mounted and rooftop solar power plants with a combined capacity of over 590 MW. Expanding its operations, Gensol has also established an electric vehicle (EV) manufacturing facility in Pune, India, to develop and produce electric three-wheelers and four-wheelers.
In March this year, Gensol announced the acquisition of Pune-based Scorpius Trackers. The purchase allows Gensol Engineering to offer a comprehensive solar EPC package that includes Scorpius Trackers’ innovative solar tracking technology.
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