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Gensol Engineering Limited a prominent player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) services, along with electric mobility solutions, announced its unaudited consolidated and standalone financial results for the second quarter and half year ended September 30th, 2024 (Q2 & H1 FY25). With a play across solar projects, O&M, trackers through Scorpius Trackers which it owns 100% of now, and EVs and battery storage, Gensol has a portfolio spread across the energy transition movement.
Consolidated Financial Summary:
| Particulars (₹ in Crore) | Q2 FY25 | Q2 FY24 | YoY% | H1 FY25 | H1 FY24 | YoY% |
| Total Revenue*# | 347 | 305 | 14% | 710 | 478 | 49% |
| EBITDA# | 107 | 47 | 128% | 183 | 77 | 138% |
| EBITDA Margin (%) | 30.8% | 15.5% | 1,530 bps | 25.8% | 16.1% | 970 bps |
| PBT | 25 | 32 | (22%) | 63 | 51 | 25% |
| PBT Margin (%) | 7.2% | 10.4% | (320 bps) | 8.9% | 10.7% | (180 bps) |
| Profit after Tax (PAT) | 23 | 18 | 29% | 50 | 33 | 52% |
| PAT Margin (%) | 6.6% | 5.8% | 80 bps | 7.0% | 6.8% | 20 bps |
#Total Revenue & EBITDA includes Other Income
*Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease
Standalone Financial Summary:
| Particulars (₹ in Crore) | Q2 FY25 | Q2 FY24 | YoY% | H1 FY25 | H1 FY24 | YoY% |
| Total Revenue*# | 300 | 299 | 0.0% | 642 | 474 | 35% |
| EBITDA# | 113 | 49 | 131% | 190 | 78 | 144% |
| EBITDA Margin (%) | 37.8% | 16.4% | 2,140 bps | 29.7% | 16.5% | 1,320 bps |
| PBT | 51 | 36 | 42% | 105 | 57 | 84% |
| PBT Margin (%) | 16.9% | 12.0% | 490 bps | 16.4% | 12.1% | 430 bps |
| Profit after Tax (PAT) | 46 | 22 | 109% | 90 | 39 | 131% |
| PAT Margin (%) | 15.5% | 7.4% | 810 bps | 14.1% | 8.3% | 580 bps |
#Total Revenue & EBITDA includes Other Income
Consolidated H1 FY25 Highlights:
- Net Debt to Equity reduced to 4x as on 30th September 2024, as compared to 2.2x as on March 31, 2024
- Cash Flow from operations has improved to ₹154 Crore in H1FY25 as compared to ₹22 Crore in H1FY24
The move to shift some operating leases to financing leases indicates a longer term lock in with some assets, besides bringing lease costs on-balance sheet rather than off balance sheet. Thus, this should be a short term impact on costs before normalising again.
Operational Highlights:
● Won an EPC contract of ₹463 crore for a large-solar plant at Gujarat’s Khavda RE Power Park. The project will be a state-of-the-art solar facility, featuring a fixed tilt module mounting structure and other system components
● Awarded a repeat order of ₹40 crore for a rooftop solar project from a leading textile company
● Successfully emerged as a winning bidder for 116MW (150 MWp) of Solar Projects in Gujarat to be distributed across 27 locations in Gujarat, under the oversight of Paschim Gujarat Vij Co. Ltd. (PGVCL).
● Signed an EPC and long-term O&M contract for a 23 MWp rooftop solar PV project in Dubai
● Entered the U.S. market by establishing Delaware-based subsidiary, Scorpius Trackers Inc.
