Gensol Engineering's Q4 net profit hits Rs 20 Cr amid BluSmart partnership

Gensol Engineering Ltd on Tuesday reported a nearly three-fold jump in its consolidated net profit to Rs 20 crore during the March 2024 quarter, on account of higher revenue.

It had posted a profit after tax (PAT) of Rs 7 crore in the year-ago period, the company said in a regulatory filing.

The company's total revenue also rose to Rs 412 crore in the January-March period against Rs 167 crore a year ago.

As of March 2024, the company said it had an order book of Rs 1,783 crore, of which Rs 1,448 crore worth of orders are from the solar segment.

"We continue to take strategic bets like Scorpius Trackers's acquisition, Middle East entry, BESS (battery energy storage system) and we continue to expand into segments such as EV leasing and EV manufacturing," Anmol Singh Jaggi, Managing Director of Gensol Engineering, said.

Jaggi, along with Puneet Singh Jaggi and Punit K Goyal also co-founded BluSmart, an EV ridehailing company. The two companies—BluSmart Mobility and Gensol Engineering—are closely related.

BluSmart leases nearly 2/3rds of its fleet of EVs from Gensol Engineering, and accounts for over half of its AUM in leasing.

Gensol Engineering also recently acquired an EV startup called Strom Inc to manufacture an electric reverse trike vehicle, which will be deployed on BluSmart's ride-hailing platform.

Gensol Engineering is a part of the Gensol group of companies which offer EPC services for the development of solar power plants.

(With inputs from YourStory.)