Multibagger Solar EPC Company Announces Expansion in USA, Targets 2,000 MW Annual Supply by 2028!
The company’s shares have delivered a multibagger returns of over 5000 per cent in the past 3 years only.
On August 27, 2024, Gensol Engineering announced its expansion into the U.S. market with the launch of its Delaware-based subsidiary, Scorpius Trackers Inc. Scorpius Trackers will introduce its cutting-edge tracker technology at the RE+ Conference in Anaheim from September 9 to 12, 2024, with further showcases planned in Austin and San Diego.
The company's first U.S. office will be strategically located in California, a hub for the global renewable energy sector. This move reflects Scorpius Trackers' commitment to tapping into the vast potential of the U.S. solar tracker market, the world’s largest, with over 25,000 MW of tracker deployments annually and a strong CAGR exceeding 20 per cent. Scorpius Trackers Inc. aims to leverage its parent company’s decade of expertise and over 1,000 MW of contracted orders across key markets like India, Africa, Japan, and the Middle East, to supply over 2,000 MW annually by 2028.
On Wednesday, the shares of Gensol Engineering closed at around Rs 934.05 per share on the BSE. The company’s current market capitalization stands at Rs 3537.52 crore. Additionally, the company’s shares have delivered a multibagger return of over 5000 per cent in the past 3 years.
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As per the Quarterly Results, in the Q1 FY25, Gensol Engineering recorded a revenue of Rs 295 crore compared to Rs 145 crore. The operating profit stood at Rs 88 crore. The net profit stood at Rs 15 crore compared to a profit of Rs 10 crore. Looking at the annual performance, the company generated a revenue of Rs 963 crore in FY24. The operating profit for FY24 was Rs 228 crore with a net profit of Rs 53 crore compared to a net profit of Rs 25 crore in FY23.
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Disclaimer: The article is for informational purposes only and not investment advice.