Gensol Engineering were locked in an upper circuit of 5% at Rs 1,706.65 after the company received various orders for building solar power projects worth Rs 153 crore.
The purchase orders are for the development of solar power projects aggregating to a capacity of around 55.8 MWp in the states of Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.Five of these deals are based on full turn-key EPC model, while two are balance of system (BoS) projects. Similarly, while four projects are to be erected over land, the other three will be raised over the rooftops of the factories of the clients. The total value of these projects is Rs. 153 crore.
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.
The company's consolidated net profit surged to Rs 8.78 crore in the quarter ended March 2022 as against Rs 2.29 crore during the previous quarter ended March 2021. Sales jumped 183.86% YoY to Rs 126.80 crore in Q4 FY22.
Shares of Gensol Engineering hit an all time high at Rs 1,706.65 on the BSE today.
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