Stock Market Today: Shares of leading renewable energy company Gensol Engineering defied weak market sentiment and rose over 2 per cent on Wednesday, December 18 following a major project announcement.
The company informed exchanges today that it has secured its first large turnkey project solar project from a leading steel products manufacturer in Punjab. Valued at ₹88 crore, the project involves the development of a 22 MW ground-mounted solar PV power plant. The project, set to be completed within six months, will leverage advanced bi-facial solar modules, aimed at maximising energy output and durability.
“This significant project is a testament to Gensol’s growing expertise… It will play a vital role in advancing India’s clean energy transition,” said Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering.
The awarding of this contract to Gensol highlights the company’s growing expertise and proven track record of delivering renewable energy projects on time, the exchange filing stated.
Share Price Impact
Gensol Engineering’s share price was trading in the green, up 0.56 per cent at ₹776.05 at 12:51 pm on the BSE. The stock hit the day’s high of ₹788.50. The company enjoys a market capitalisation of ₹2,939.13 crore as per BSE.
Gensol Engineering‘s solar engineering, procurement, and construction (EPC) order book stood at ₹4,097 crore as of September 30, 2024. This portfolio, representing 1.5 GW of solar projects, includes contracts from both public and private sector clients, with execution timelines spanning 12 to 18 months.
The company’s total order book as of the same date reached ₹9,055 crore, encompassing projects across three key segments, solar EPC, battery energy storage systems (BESS), and solar power generation.
Riding on this robust order book, Gensol recorded a significant 58% year-over-year increase in revenue during the second quarter of FY25. Revenue from operations surged to ₹314 crore in Q2FY25, up from ₹199 crore during the corresponding quarter last year.
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