Business briefs

Gensol Engineering Ltd on Monday said its net profit more than doubled to Rs 24.9 crore in the fiscal ended March 2023, backed by higher revenues.

It had clocked Rs 11.1 crore net profit during the preceding 2021-22 financial year, the company said in a statement.

The total revenues in FY23 also rose to Rs 397.4 crore from Rs 162.3 crore in FY22.

''Gensol's strong performance with consolidated revenue growth of 145 per cent and EBITDA growth of 196 per cent this fiscal reflects our unwavering commitment to excellence and innovation in the renewable energy and electric mobility sector.

''In addition to our strategic expansion into EV manufacturing, we have also made substantial progress in the EV leasing business as we closed the year by leasing a fleet of 4,000 EV cars to leading players in the industry,'' Anmol Singh Jaggi, Managing Director, Gensol, said.

**** *Gati inks pact with Schneider Electric to design greener logistics solutions Gati has entered into a special collaboration with energy management and automation firm Schneider Electric to design greener logistics solutions for the latter.

As part of the collaboration, Gati already has started deploying co-branded alternate fuel vehicles for pick-up and deliveries of Schneider, the company said.

In the initial phase, Gati said, it has exclusively deployed such vehicles for the pick-up of consignments from Schneider's key distribution centres at Kundli (Haryana), Bhiwandi (Maharashtra) and Chennai, Gati said in a statement. Subsequently, deliveries in Gurugram are also being carried out with alternative fuel vehicles, it said. ''We have an ongoing express distribution partnership with Schneider Electric for pan-India transportation and delivery. The latest green logistics collaboration will further enhance our synergy with them,'' said Pirojshaw Sarkari, CEO at Gati Ltd.