Gensol gains 5% as subsidiary bags order to lease 500 cargo electric vehicles

“We are working with customers in the PSU, last mile delivery and employee transportation business with a leasing requirement of 100+ electric vehicles,” the company said in a regulatory filing at the exchanges.

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Gensol Engineering shares jumped 5 percent on September 28 after the company’s arm bagged a Rs 75-crore electric vehicles supply order. Gensol Engineering arm Gensol EV Lease will provide more than 500 Tata Ace Cargo EVs.

“This substantial order is from an all-electric logistics company. An initial batch of 20-plus EVs have already been leased with the remaining cars to be deployed over the next six months across five states. In addition, we are working with customers in the PSU, last mile delivery, and employee transportation business with a leasing requirement of 100-plus electric vehicles,” the company said in a regulatory filing at the exchanges.

At 12.15pm on the NSE, the Gensol Engineering stock was quoting Rs 2,069.90, up Rs 83.50, or 4.20 percent. The stock is up nearly 53 percent in the year-to-date terms.

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In its results for the April-June quarter, the company reported a 42.15 percent on-year increase in revenue from operations at Rs 145 crore. Net profit for the quarter was flat at Rs 10 crore. The operating profit margins for the quarter expanded by 1000 basis points on a yearly basis to 25 percent.

Gensol Engineering is engaged in the business of providing engineering and consulting services in the renewable energy sector. The company specialises in services related to solar power projects, including design, engineering, and project management.

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