Gensol Engineering Q2 results: Net profit up at Rs 16 cr on higher income

Gensol Engineering on Wednesday said its standalone net profit more than doubled to Rs 15.68 crore for September quarter 2023-24, helped by higher income.

It had clocked Rs 7.31 crore net profit in the year-ago period, the company said in a regulatory filing.

Total income rose to Rs 201.61 crore from Rs 80.29 crore in the same quarter a year ago.

Expenses were at Rs 180.21 crore, as against Rs 71.69 crore in the year-ago quarter.

The company is a part of Gensol Group which offers engineering, procurement, and construction (EPC) services for 0development of solar power plants.

Gensol has also established a electric vehicle manufacturing facility in Pune to develop and produce electric three-wheelers and four-wheelers.

"H1FY24 has been a half year of remarkable leaps for Gensol, with 88 per cent revenue growth and 24 per cent PAT increase.

"Strategic moves like the acquisition of Scorpius Trackers, international foray with EPC projects in the UAE, securing a Letter of Intent (LoI) to supply 300 EVs to Orissa Renewable Energy Development Agency (OREDA) etc. highlight our expansion and commitment to innovation," Anmol Singh Jaggi, Managing Director, Gensol Engineering said.