3,150 per cent returns: This multibagger engineering company receives order for providing 300 electric vehicles worth Rs 115 crore from OREDA

The stock gave multibagger returns of 3,150 per cent in just 2 years whereas BSE Sensex Index is up by 21.31 per cent.

Gensol Engineering Limited secures LOI to provide 300 electric vehicles on operational lease with fleet management services for a 5-year period. Gensol Engineering Limited (The Company) has in the month of July, received a LOI from OREDA for providing 300 electric vehicles with fleet management service on an operating lease for 5 years.

Gensol Engineering Limited participated in this tender on behalf of its subsidiary Gensol EV Lease Private Limited to provide electric vehicles on lease to Odisha Renewable Energy Development Agency (OREDA) and was declared a successful bidder as a part of the tendering process. The cumulative billing value of this tender is Rs 115 crore exclusive of taxes.

Gensol Engineering Limited provides renewable energy project development services. The Company constructs solar plants. Gensol Engineering serves customers in India. The company had a market cap of Rs 2,130 crore. The shares of the company have an ROE of 53.40 per cent and a ROCE of 39.20 per cent.

The company reported positive numbers in its half-yearly results and annual results. The net sales increased by 66.22 per cent to Rs 210.77 crore and net profit increased by 32.61 per cent to Rs 11.67 crore in H2FY23 over H2FY22. The net sales increased by 144.78 per cent to Rs 392.65 crore and net profit increased by 122.93 per cent to Rs 24.79 crore in FY23 over FY22.

The stock gave multibagger returns of 3,150 per cent in just 2 years whereas BSE Sensex Index is up by 21.31 per cent. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.