Gensol Engineering Hits Upper Circuit with Record Revenue

Gensol Engineering Hits Upper Circuit/Pixabay

VoM News Desk | April 3, 2024 | 02:30 PM IST | Breaking News | Follow on Google News

Gensol Engineering Hits Upper Circuit with Record Revenue

Gensol Engineering Hits Upper Circuit with Record Revenue

Gensol Engineering’s share price surged by 5% on Wednesday’s trading session, hitting the upper circuit, propelled by the company’s announcement of achieving its highest-ever operational revenue of over ₹960 crore in the fiscal year ending March 31, 2024, marking a remarkable 141% year-on-year growth.

Analyst’s Perspective and Market Outlook: According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Gensol Engineering shares have consistently moved in circuits, driven by relatively low trading volumes. Bhosale advises investors to exercise caution with such illiquid counters.

Remarkable Financial Performance and Business Expansion: Gensol Engineering’s stellar performance underscores its leadership in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services. The company’s subsidiary, Scorpius Trackers, achieved a significant milestone of securing 1000 MW+ in contracted orders globally, further solidifying its position in the solar tracking industry.

Financial Resurgence and Market Outperformance: In the quarter ending December 2023, Gensol Engineering reported a consolidated net profit of ₹12.31 crore, marking a turnaround from the previous year’s net loss of ₹1.90 crore. The company’s total income for the quarter surged to ₹227.12 crore, reflecting robust growth momentum. Gensol Engineering’s share price witnessed a notable rise of 156.08% over the past year, outperforming its sector by 72.54%, according to trendlyne data.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.