Gensol Engineering, an engineering and consulting firm, recorded a remarkable performance in the third quarter (Q3) of the fiscal year 2024, reporting a net profit of Rs 123.1 million (~$1.5 million). This marked a substantial 748% year-over-year (YoY) increase from a net loss of Rs 19 million (~$228,578). The surge in net profit is attributed to a substantial rise in solar engineering, procurement, and commissioning (EPC) orders during this period.

The company's total revenue for Q3 reached Rs 2.27 billion (~$27.3 million), reflecting an impressive YoY growth of 335% from Rs 522 million (~$6.3 million). Notably, the revenue from the EPC segment contributed Rs 1.7 billion (~$20.4 million), indicating a substantial YoY increase of 386%.

The Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) witnessed substantial growth, soaring by 312% YoY to Rs 700 million (~$8.4 million) from Rs 170 million (~$2 million). As of December 2023, Gensol boasts an order book valued at over Rs 10 billion (~$120.2 million).

For the first nine months (9M) of FY 2024, Gensol posted a net profit of Rs 337 million (~$4.05 million), marking an impressive 111% YoY increase from Rs 160 million (~$1.9 million). The company's total revenue for 9M stood at Rs 5.84 billion (~$70.2 million), indicating a robust 147% YoY growth from Rs 2.36 billion (~$28.4 million). The solar EPC segment contributed significantly, bringing in Rs 4.53 billion (~$54.5 million) with a noteworthy YoY increase of 121%. EBITDA for 9M grew by 238% YoY to Rs 1.69 billion (~$20.3 million) from Rs 500 million (~$6 million).

Gensol Engineering has also secured financial backing, receiving approval for a Rs 5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency. This funding will support the company's EV Lease business, specifically to finance 3,800 electric vehicles.

Recent notable achievements include securing an EPC contract for a 33 MW captive solar power project from Sarda Energy and Minerals and winning an EPC contract from NHPC for a green hydrogen-based mobility station in Kargil, Ladakh. Additionally, Gensol secured a Rs 3.02 billion (~$36.3 million) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project in October. The company will undertake the EPC responsibilities for this project.