Gensol Engineering share price jumps 5% as promoter raises stake in engineering stock

Gensol Engineering share price jumped by 5% during Thursday's trading after the promoter and managing director, Anmol Singh Jaggi, increased his ownership in the firm. In an exchange filing, the company announced that Jaggi has obtained an additional 26,500 shares through open market transactions. As a result, Jaggi's ownership stake in the company has witnessed a modest increase.

“This strategic move reflects his confidence in the company's growth prospects and his ongoing commitment to its success. His continued investment serves as a testament to the company's promising future and his dedication to its success,” said the company in an exchange filing.

According to BSE data for the quarter ending in September, Anmol Singh Jaggi owned a 21.13% stake in the company.

Gensol Engineering is a leading entity in the renewable energy industry, focusing on solar engineering, procurement, and construction (EPC) services, as well as solutions for electric mobility.

As per data from Trendlyne, Gensol Engineering share price dropped by 7.1% and lagged behind its sector by 55.01% over the last year. On Thursday's session, Gensol Engineering share price opened at ₹765 apiece on BSE, the engineering stock touched in an intraday high of ₹794.15, and intraday low of ₹745.60.

Q2 Results

Gensol Engineering announced on Friday that its consolidated net profit after tax for the September quarter increased by 29% to ₹22.93 crore. In the corresponding period last year, the company reported a net profit after taxes attributable to its shareholders of ₹17.71 crore, according to an exchange filing. The company's total income for the quarter being reviewed grew to ₹346.82 crore, compared to ₹304.87 crore in the July-September quarter of the previous fiscal year 2023-24.

The company announced in an exchange filing that it has secured an EPC contract worth ₹463 crore for a sizable solar power plant within Gujarat’s Khavda RE Power Park. This project will be an advanced solar facility that includes a fixed tilt module mounting structure along with other system components. The net debt to equity ratio decreased to 1.4x as of September 30, 2024, down from 2.2x as of March 31, 2024. Additionally, cash flow from operations has increased to ₹154 crore in the first half of FY25, compared to ₹22 crore in the same period of FY24.

“Looking ahead, Gensol’s strategy remains focused and ambitious. We are committed to investing in clean energy, concentrating our efforts on innovation across solar, EVs, battery energy storage and green hydrogen technologies. Gensol aims to be a trusted partner in India’s transition towards a sustainable energy future and we are committed to delivering long-term value to our shareholders and customers, helping shape a resilient, sustainable future for all,” said Anmol Singh Jaggi.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.