Gensol Engineering Reveals Fundraising Strategy via Securities Issue
Gensol Engineering Ltd, a firm specializing in construction services, recently declared its intentions to muster funds through the preferential issuing of securities. Our source confirmed the news on February 2, 2024, resulting from the firm’s fiscal prowess and a bonus share assignment of 2:1 notably accomplished in October the previous year. This fresh revelation has seen an increase in the company’s shares, reaching the limit of the 5% upper circuit in today’s opening trade.
Financial Recovery and Expansion
Gensol’s fundraising approach arrives on the heels of an outstanding financial recovery. The revenue of the company for the quarter ending December 31, 2023, saw a significant rise, hitting Rs 227 Crore. This signifies a whopping 335% jump from Rs 52 Crore for the same quarter in the preceding fiscal year. In a similar pattern, Gensol’s EBITDA skyrocketed by 312%, amounting to Rs 70 Crore, with an EBITDA margin standing at 30.8%. The company managed to overturn its outcome by declaring a profit after tax (PAT) of Rs 12 Crore for Q3 FY24, as compared to a net loss of Rs 2 Crore in Q3 FY23.
Shift towards Renewable Energy and eMobility
Mr. Anmol Singh Jaggi, the company’s distinguished Chairman and Managing Director, attributed this significant financial development to Gensol’s emphasis on evolution and growth in the arenas of renewable energy and eMobility. The company’s calculated shift towards these promising sectors appears to have been fruitful, ensuring a solid footing for future expansion.
