4,400 per cent returns and FIIs & DIIs increase stake: Multibagger EV-stock backed by Mukul Agrawal hit upper circuit as it reports a 734 per cent jump in net profit!
The stock gave multibagger returns of 150 per cent in just 1 year and a whopping 4,400 per cent in 3 years.
Today, shares of Gensol Engineering Ltd hit 5 per cent upper circuit to Rs 898.05 per share from its previous closing of Rs 855.30 per share. The stock’s 52-week high is Rs 945.85 and its 52-week low is Rs 265.42.
The sudden rise in the stock price was due to the company announcing Quarterly Results (Q3FY24) and nine-month results (9MFY24) for the financial year 2024. Here are the details:
Q3FY24 Highlights
- Total Revenue was Rs 227 crore for Q3 FY24 compared to Rs 52 crore in Q3FY23, an increase of 335 per cent.
- EBITDA stood at Rs 70 crore for Q3FY24 compared to Rs 17 crore during Q3FY23, an increase of 312 per cent.
- EBITDA Margin at 30.8 per cent for Q3FY24 as against 32.2 per cent in Q3FY23.
- PAT stood at Rs 12 crore for Q3FY24 compared to a net loss of Rs 2 crore in Q3FY23, an increase of 734 per cent.
9MFY24 Highlights
- Total Revenue was Rs 584 crore for 9MFY24 compared to Rs 236 crore in 9MFY23, an increase of 147 per cent.
- EBITDA stood at Rs 169 crore for 9MFY24 compared to Rs 50 crore during 9MFY23, an increase of 238 per cent
- EBITDA Margin at 28.9 per cent for 9MFY24 as against 21.2 per cent in 9MFY23
- PAT stood at Rs 34 crore for 9MFY24 compared to Rs 16 crore in 9MFY23, an increase of 111 per cent
Business/Operational Highlights
- Secured its first green hydrogen project by winning the NHPC's Kargil green hydrogen mobility station EPC project as the lowest bidder.
- Awarded a Rs 138.72 crore solar power project from SEML for the second time, a testament towards the high quality of work. A 33 MW AC solar power project in Chhattisgarh will contribute to the growth of renewable energy projects in the region.
- Secured a prestigious Rs 301.5 crore Solar EPC contract from MAHAGENCO at district Akola in Maharashtra.
- Received sanction of IREDA’s Rs 513 crore loan to Gensol EV Lease to finance 3,800 electric vehicles.
- Expanded its portfolio by acquiring Scorpius Trackers, an innovative solar panel tracking technology with a track record of supplying over 700 MW of solar tracking tech globally
- Established a subsidiary in the Middle East to meet the rising global demand for sustainable energy solutions.
- Signed a Memorandum of Understanding (MoU) for Rs 2,000 crore investment with the Government of Gujarat to expand EV manufacturing in the next few years in line with the national clean energy agenda and establish a prominent presence in the State's EV manufacturing sector.
The company has a market cap of over Rs 3,400 crore and as of September 30, 2023, the company’s order book stands at Rs 531 crore.
As of December 2023, FIIs and DIIs increased their stake to 2.57 per cent and 0.84 per cent respectively while an ace investor, Mukul Agrawal holds a significant stake (1.51 per cent) in the company.
Gensol Engineering Limited provides renewable energy project development services. The Company constructs solar plants. Gensol Engineering serves customers in India. The company also manufactures electric vehicles.
The shares of the company have an ROE of 21.4 per cent and an ROCE of 12.4 per cent. The stock gave multibagger returns of 150 per cent in just 1 year and a whopping 4,400 per cent in 3 years.
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