Shares of Gensol Engineering were on the rise on Monday morning.

What Happened: The solar engineering procurement and construction (EPC) company said it won a large project from a public sector utility in Maharashtra. Under the project, the company will develop a 150-megawatt alternating current ground-mounted solar photovoltaic (PV) power plant with a total contract value of ₹780. 

The project is set to be executed over 15 months. Gensol Engineering will acquire land and complete other aspects of the project, such as design, engineering, procurement and logistics. The company will manufacture, supply, erect, inspect, install, test and commission a 150-megawatt alternating current grid-connected solar PV power plant.

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Gensol will also develop associated power evacuation infrastructure for the STU substation. The contract also includes three years of operation and maintenance (O&M) services for the project, including maintenance of the plant’s switchyard and its extensive transmission infrastructure. 

In its Q2 results, Gensol Engineering’s net profit rose 154% from the previous year to ₹29.38 crore. Its total revenue gained 73% to ₹346.49 crore. Gensol Engineering had a total order book of ₹4,097 crore as of September 30, 2024. 

Price Action: Shares of Gensol Engineering rose 3.73% to ₹845.50 on Monday morning. 

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