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					</table><p>Engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter (Q3) of the financial year (FY) 2024, an increase of 748% year-over-year (YoY) from a net loss of ₹19 million (~$228,578).</p>
<p>The increase in net profit could be attributed to the increase in solar engineering, procurement, and commissioning (EPC) orders the company received during the period.</p>
<p>The company’s total revenue stood at ₹2.27 billion (~$27.3 million), a growth of 335% YoY from ₹522 million (~$6.3 million). The revenue from the EPC segment contributed ₹1.7 billion (~$20.4 million), a YoY increase of 386%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62598" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24.png" alt="Gensol Q3 FY24" width="600" height="340" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-650x368.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-624x353.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-600x340.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 312% YoY to ₹700 million (~$8.4 million) from ₹170 million (~$2 million).</p>
<p>Gensol has an order book valued at over ₹10 billion (~$120.2 million) as of December 2023.</p>
<p><strong>9M FY 2024</strong></p>
<p>Gensol posted a net profit of ₹337 million (~$4.05 million) in the first nine months (9M) of FY 2024, an increase of 111% YoY from ₹160 million (~$1.9 million).</p>
<p>The company’s total revenue stood at ₹5.84 billion (~$ 70.2 million), a growth of 147% YoY from ₹2.36 billion (~$28.4 million). The revenue from the solar EPC segment brought in ₹4.53 billion (~$54.5 million), a YoY increase of 121% YoY.</p>
<p>The EBITDA grew by 238% YoY to ₹1.69 billion (~$20.3 million) from ₹500 million (~$6 million).</p>
<p>The company also received approval for a ₹5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency for EV Lease business to finance 3,800 electric vehicles.</p>
<p>Gensol Engineering recently <a href="https://www.mercomindia.com/gensol-%E2%82%B91-39-billion-solar-epc-contract-sarda/" target="_blank" rel="noopener">secured</a> an EPC contract for a 33 MW captive solar power project from Sarda Energy and Minerals, a steel and ferro alloys manufacturer, to meet the power requirements for its Kharora plant in Chhattisgarh.</p>
<p>Earlier, the company <a href="https://www.mercomindia.com/gensol-epc-contract-green-hydrogen/" target="_blank" rel="noopener">won</a> an EPC contract from NHPC to set up a pilot project for a green hydrogen-based mobility station in Kargil, Ladakh.</p>
<p>In October, Gensol Engineering <a href="https://www.mercomindia.com/gensol-secures-epc-contract-in-maharashtra/" target="_blank" rel="noopener">secured</a> a ₹3.02 billion (~$36.3 million) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project. Gensol will undertake the EPC of the project.</p>


Gensol Engineering’s Net Profit Surges Eight Fold to ₹120 Million in Q3 FY24

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