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Gensol Engineering Ltd. (GEL) has reported a consolidated net profit of ₹12.31 crore for the quarter ending December 2023, marking a significant turnaround from the net loss of ₹1.90 crore in the same period of the previous financial year (2022–23). The announcement was made in an exchange filing on Monday.
During the specified quarter, the company's total income experienced substantial growth, reaching ₹227.12 crore compared to ₹52.22 crore in the corresponding period a year ago. This robust financial performance is attributed to Gensol Engineering's strategic initiatives and operational efficiency.
Expenses for the quarter stood at ₹209.71 crore, a notable increase from ₹48.49 crore reported in the October-December period of the previous fiscal year. Gensol Engineering, a part of the Gensol group of companies, specialises in providing engineering, procurement, and construction (EPC) services for the development of solar plants. In addition to its core services, the company has ventured into the electric vehicle (EV) sector, establishing a manufacturing facility in Pune for battery-based three-wheelers and four-wheelers.
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