Mukul Agrawal’s portfolio stock bags Rs 138.72 crore solar power project in Chhattisgarh

Gensol Engineering has secured a major contract for a 33 MW AC solar power project from steel giant Sarda Energy & Minerals Ltd. (SEML) in Chhattisgarh. This captive project for SEML’s Kharora plant marks a significant step for Gensol in the region’s booming industrial sector.

The contract, valued at over Rs 138 crore, encompasses the entire project lifecycle from design and engineering to procurement, construction, and commissioning. It showcases Gensol’s expertise and commitment to renewables while solidifying SEML’s trust in its delivery excellence.

The project is scheduled for completion within 6 months, this milestone project marks Gensol’s strategic entry into the Chhattisgarh market, opening doors for future growth and collaborations. The successful execution of this project will further strengthen Gensol’s position as a leading player in India’s renewable energy landscape.

The company also plans to raise up to Rs 300 crores by issuing new shares or other securities through various methods like public offerings, private placements, or QIPs.

Financial Performance

Gensol Engineering Limited has announced strong quarterly results for the second quarter ending on September 30, 2023 (Q2FY24). During this period, the company generated a revenue of Rs 199.43 crore, reflecting a growth of 146.45% compared to the previous year. The operational profit for Q2FY24 was Rs 55.10 crore, marking an increase of 212.36% year-on-year. Additionally, the company’s net profit after tax (PAT) also demonstrated growth, reaching Rs 11.33 crore, an increase of 39.7%.

Business Overview  

Gensol Engineering Limited is a part of the Gensol group of companies, which offer engineering, procurement, and construction (EPC) services for the development of solar power plants. Over the years, Gensol has successfully installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW. Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three-wheelers and four-wheelers.

Mukul Agrawal has a 1.64% stake in the company.

Stock Price Movement  

Today, the stock opened at Rs 851, with a high and low of Rs 865.00 and Rs 830, respectively. The stock is currently trading at Rs 840, which decreased by 0.96%. The stock has a 52-week high of Rs 945.85 and a 52-week low of Rs 265.42.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.