2200 per cent returns: This SME stock got final approval to mitigate to capital market segment of NSE!
Over the past three years, the stock has witnessed substantial buying, delivering multibagger returns of over 2200 per cent
On Friday, shares of Gensol Engineering zoomed and got locked at 10 per cent upper circuit, reaching an intraday high of Rs 1349.20 per share on the BSE. The scrip experienced a significant increase in volume.
The company informed the exchange that it has got final approval to mitigate from SME platform of BSE to capital market segment of NSE. A total of 1,22,18,916 equity shares of the company will be listed and admitted to dealings on the main board of both the exchanges from July 03, 2023.
Gensol Engineering is embarking on an ambitious plan to introduce 10,000 to 12,000 electric cars in FY24. Anmol Singh Jaggi, the company's CMD, revealed that the forthcoming electric vehicle manufacturing plant is scheduled to commence operations in July. While Gensol Engineering has traditionally been focused on renewable energy, particularly in the solar EPC business, where revenues are projected to reach Rs 2,000 crore this year, including the recent acquisition, the company is now shifting its attention to electric vehicles. With this strategic shift, Gensol Engineering aims to establish itself as a significant player in the electric vehicle industry.
In FY23, the company's total revenue soared by 145 per cent from FY22, amounting to Rs 397.4 crore. The EBITDA level of the company reached Rs 61.8 crore, showing a remarkable year-on-year growth of 196 per cent. Additionally, the net profit of the company surged by 125 per cent from FY22, reaching Rs 24.9 crore.
It is worth noting that a prominent Independent Power Producer (IPP) awarded them a contract to develop 180 MWp ground-mount projects in Gujarat. Gensol Engineering also expanded its portfolio through the acquisition of Scorpius Trackers Pvt Ltd, a reputable solar trackers specialist in India. These achievements demonstrate the company's expertise and dedication to the expansion of renewable energy.
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Gensol Engineering Ltd is primarily involved in solar consulting and EPC (Engineering, Procurement, and Construction) services. Their range of services includes solar advisory, solar EPC, solar O&M (Operation and Maintenance), as well as solar monitoring and analysis. They also provide specialized consultancy services for extra-high voltage (EHV) transmission lines.
Over the past three years, the stock has witnessed substantial buying, delivering multibagger returns of over 2200 per cent. Furthermore, the stock has surged by more than 140 per cent in the last year. Keep a close eye on this trending stock.