Rs 1,000 crore order book and FIIs & DIIs increase stake: This multibagger small-cap company receives ARAI certification to launch its first flagship electric vehicle – know more here!
The stock gave multibagger returns of 290 per cent in just 1 year and a whopping 5,150 per cent in 3 years.
Gensol Electric Vehicles Pvt Ltd (GEVPL), a subsidiary of Gensol Engineering Ltd (BSE: 542851) (NSE: GENSOL) and a new-age OEM in the e-mobility space, today announced that it has received the certification and approval for its unique and revolutionary electric vehicle, from the Automotive Research Association of India (ARAI). This significant accomplishment marks a monumental step forward, paving the path for the electric vehicle’s official launch and sale in the Indian market.
The ARAI certification process meticulously evaluates a vehicle's performance, safety, and compliance with vehicle regulatory norms. Gensol EV successfully met these criteria by navigating the rigorous assessments during the extensive vehicle testing process. This certification culminates the vehicle homologation process, which involves vehicle testing both in controlled lab environments and on diverse terrain conditions. This certification shows Gensol EV’s readiness to officially enter production and redefine sustainable & urban mobility in India.
The new modern electric car, contributing significantly to the larger mission of decarbonising mobility, will be manufactured at the state-of-the-art greenfield plant in Chakan, Pune (India), with an annual production capacity of 30,000 cars. The compact 2-door, 2-seater electric vehicle embodies modernity, intelligence, space efficiency, and cutting-edge technology. Pioneering several industry-first features, such as a moonroof, ample boot space, in-cabin driver assistance technology, a comprehensive technology stack, AI-driven cloud analytics, and a uniquely intuitive user experience, it is set to create new segment benchmarks.
Additionally, the company secured two major EPC contracts for solar power projects in Rajasthan and Maharashtra, valued at Rs 337.7 crore. These projects, encompassing design, engineering, and construction, mark a significant milestone for Gensol and showcase their expertise in the clean energy domain, aligning with their recent green hydrogen venture and ambitious growth plans in various clean energy and mobility sectors.
DSIJ’s 'Tiny Treasure' service recommends researched Small-Cap stocks with Inherent Growth Potential. If this interests you, do download the service details here.
Today, the stock market started the day in the red with the BSE Sensex Index down 0.20 per cent and the NSE Nifty-50 Index down 0.18 per cent. Though the market was in red, shares of Gensol Engineering Limited gained 3.84 per cent to Rs 1,264 per share from its previous closing of Rs 1,217.25. The stock’s 52-week high is Rs 1,377.10 while its 52-week low is Rs 265.20.
In Q3FY24, the company's revenue surged 335 per cent to Rs 227 crore, driven by strong growth across all segments. This resulted in a significant improvement in profitability, as the company turned a net loss of Rs 2 crore in Q3FY23 into a net profit of Rs 12 crore in Q3 FY24, marking a per turnaround (734 per cent).
The company's performance for the first nine months of FY24 has been strong, with all key financial metrics showing significant growth compared to the same period in FY23. Revenue nearly tripled to Rs 584 crore, and PAT more than doubled to Rs 34 crore, demonstrating strong growth across all business segments and improved operational efficiency.
The company has a market cap of over Rs 4,700 crore and as of December 31, 2023, the company’s order book stands at over Rs 1,000 crore. As of December 2023, FIIs bought 4,84,721 shares and increased their stake to 2.94 per cent compared to 2.57 per cent in September 2023 while DIIs increased their stake to 0.84 per cent in December 2023 compared to 0.75 per cent in September 2023.
An ace investor, Mukul Agrawal owns 5,70,000 shares or 1.51 per cent stake in the company. The stock gave multibagger returns of 290 per cent in just 1 year and a whopping 5,150 per cent in 3 years. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
For more such updates on the go, Click here to join our WhatsApp Channel