Gensol Engineering spurts after order book soars to Rs 531 crore

Gensol Engineering rose 4.64% to Rs 1606.30 after the company said that, in normal course of business, it has closed orders from various reputed clients for the development of solar power projects worth over Rs 531 crore.

Aggregating to a capacity of over 121 MWp, these projects will be developed in the states/UTs of Andhra Pradesh, Gujarat, Haryana, Jharkhand, Karnataka, Ladakh, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana and Uttarakhand.

Gensol said that some of the major additions to the company's esteemed client list are Singareni Colleries Company (SCCL), a coal mining company jointly owned by the Government of Telangana and the Government of India, Braithwaite & Co. (BCL), an engineering company under the Ministry of Railways and a privately-owned leading manufacturer and supplier of industrial gases, among others.

Out of the total order book, only two projects are based on the model of balance of system (BoS), while the balance projects are to be developed through full turn-key EPC model. Piquantly, more than 37% of these orders envisage the development of projects in the southern states of AP, Karnataka, Telangana and Tamil Nadu, closely followed by Gujarat at 34%.

Similarly, 67% of the total order book needs to be developed over land, while the balance will be raised over the rooftops of the factories of the clients. While the largest size of the project is over 25 MWp, the lowest size is around 80 kWp.

The total value of these projects is pegged at Rs. 5,31,24,16,761, exclusive of taxes.

"It is worth noting that more than 23% are repeat orders from the existing clients, which is emblematic of the trust that the company has built with its clients through its delivery of high-quality solar assets, the company said in a statement.

Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

On a year-to-date (YTD) basis, the stock has zoomed 1392.51% while the benchmark Sensex has added 1.54% during the same period.

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