Gensol Engg rises as arm receives ARAI certification for EV

Gensol Engineering rallied 2.77% to Rs 1,223.15 after its subsidiary Gensol Electric Vehicles (GEVPL) received Automotive Research Association of India (ARAI) certification to launch its first flagship electric vehicle.

The ARAI certification process meticulously evaluates a vehicle's performance, safety, and compliance to vehicle regulatory norms. Gensol EV successfully met these criteria by navigating the rigorous assessments during the extensive vehicle testing process, stated the company.

This certification culminates the vehicle homologation process, which involved vehicle testing both in controlled lab environments and on diverse terrain conditions.

This new modern electric car will be manufactured in greenfield plant at Chakan in Pune, India, with an annual production capacity of 30,000 cars. The compact 2-door, 2-seater electric vehicle has features, such as a moonroof, ample boot space, in-cabin driver assistance technology, a comprehensive technology stack and AI-driven cloud analytics.

Anmol Singh Jaggi, chairman and managing director, Gensol Engineering said, "We are committed to bringing our first made-in-India electric vehicle to the market with full compliance to ARAI regulations. We are incredibly proud to have developed a vehicle that meets the highest standards of safety, quality, and performance parameters, and matches up to the requirements of the certification.

Gensol Engineering offers end-to-end EPC and solar advisory services. The company 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.

The company reported a consolidated net profit of Rs 13.12 crore in Q3 FY24 as against a net loss of Rs 1.90 crore. Revenue from operations stood at Rs 220.25 crore in Q3 FY24, steeply higher from Rs 50.79 crore in Q3 FY23.

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