This renewable energy multibagger company crosses Rs 100 crore mark in quarterly revenues!

Year-to-date, the stock is up by 596 per cent and over the last one month, it has furnished astonishing returns of 83.18 per cent. 

On Thursday, the shares of Gensol Engineering were locked at a 5 per cent upper circuit, recording a fresh 52-week high of Rs 829.35 per share on BSE. The scrip has more than doubled in less than two months. Year-to-date, the stock is up by 596 per cent and over the last one month, it has furnished astonishing returns of 83.18 per cent. 

The company recently informed the exchange that for Q1FY23, it has crossed the important revenue milestone of Rs 100 crore, which is a strong harbinger of growth, keeping in mind that the company had reported total standalone revenue of Rs 155.85 crore during FY22.

The company believes that the solid results illustrate the ongoing positive momentum in the renewable energy sector and remains optimistic about the remaining period of this fiscal year. The company continues to grow its national footprint while concurrently increasing its project sizes, which testifies to its sharpening project delivery skills.

In the first week of July, the company signed a term sheet to pick up a majority stake in a US-based electric vehicle manufacturing startup. The investment is intended to accelerate the company’s plan to deliver a robust domestically-manufactured EV in India. With this deal, the company foresees an increment in revenue by Rs 500 crore-Rs 600 crore for FY24. 

Gensol Engineering Ltd is engaged in the business of solar consulting and EPC. The company's services include solar advisory, solar EPC, solar O&M along with solar monitoring & analysis. It also provides dedicated consultancy services for extra-high voltage (EHV) transmission lines. 

Watch out for Gensol Engineering in the coming trading sessions!