Gensol Engineering has won two turnkey international Solar Engineering, Procurement and Construction (Solar EPC) projects in Dubai with Dubai Government Workshop Warehouse and Dubai Police. Aggregating to a capacity of 14.08 MWp, these projects have a cumulative order value of Rs 101.6 crore, without taking taxes into account. With these order wins, Gensol will gain access to a large market that is full of dynamism, vibrancy and an untapped potential for renewable energy solutions that deliver positive impacts on both Indian and UAE markets.
The two turnkey contracts with Dubai Government Workshop Warehouse and Dubai Police entail design, engineering, supply, construction, erection, testing and commissioning along with the operation and maintenance of these projects. The Dubai Government Workshop Warehouse project is slated for commissioning in November 2023, while the Dubai Police project is scheduled to go online in June 2024. Both projects are poised to contribute to the UAE’s Clean Energy Strategy 2050 and affirm Gensol’s position as a trusted partner for delivering sustainable solutions.
Gensol Engineering Limited has announced its financial results for the first quarter ending on June 30, 2023 (Q1FY24). During this period, the company generated a revenue of Rs 144.60 crore, reflecting a growth of 41.31% compared to the previous year. The operational profit for Q1FY24 was Rs 43.73 crore, marking an increase of 179.25% year-on-year. Additionally, the company’s net profit after tax (PAT) also demonstrated growth, reaching Rs 10.04 crore, an increase of 2.97%.
Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
In the last six months, the shares of the company have given more than 90% returns, and Investors should keep a close eye on this stock.