Shares of Gensol Engineering were locked in a 5 per cent upper circuit at Rs 983.90 per share on the BSE in Tuesday’s intraday deals.
This came after the company on Monday said that it has secured the contract for 116 megawatt of solar projects in Gujarat. The estimated engineering, procurement and construction (EPC) revenue from these projects amounts to approximately Rs 600 Crores, the company said in an exchange filing on Monday.
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The projects will span 27 diverse locations under the supervision of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state's electricity distribution company.
These initiatives focus on solarising agricultural feeders, either already segregated or predominantly serving agricultural loads, through the installation of grid-connected solar projects to fulfil their annual electricity demands.
The projects are expected to become operational within 12 months from the issuance of the Letter of Award (LoA).
In its fourth quarter of financial year 2023-24, the company posted a consolidated net profit of Rs 20 crore, marking a nearly three-fold rise from Rs 7 crore in the same period last year.
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The surge in profit was attributed to higher revenue. According to the company's regulatory filing, total revenue for the January-March period also rose substantially to Rs 412 crore compared to Rs 167 crore in the corresponding period a year ago.
Founded in 2012, Gensol Engineering, the flagship entity of the Gensol Group, specialises in providing EPC services, with a strong emphasis on the solar power sector.
The EPC firm has a total market capitalisation of Rs 3,719.12 crore, according to BSE. The company’s shares are trading at a price to earnings multiple of 21.25 times with an earning per share of Rs 44.10.
At 09:49; the BSE Sensex was trading flat at 80,508 levels.