Gensol Engineering posts Rs 12.31 cr net profit in Q3

Gensol Engineering Ltd (GEL) has returned to black posting a consolidated net profit of Rs 12.31 crore in the quarter ended December 2023.

It had clocked a net loss of Rs 1.90 crore in the October-December period of the preceding 2022-23 financial year, the company said in an exchange filing on Monday.

The company's total income during the said quarter rose to Rs 227.12 crore, from Rs 52.22 crore in the same period a year ago.

The expenses were at Rs 209.71 crore in the period under review, as against Rs 48.49 crore in the October December period last fiscal.

Gensol Engineering is a part of the Gensol group of companies which offers engineering, procurement, and construction (EPC) services for the development of solar plants.

It has also established an electric vehicle (EV) manufacturing facility in Pune to develop battery-based three-wheelers and four-wheelers.