Gensol Engineering Ltd. on Thursday said it has secured a contract of Rs 897.47 crore from NTPC Renewable Energy Ltd., an unlisted subsidiary of NTPC Ltd., for a solar project in Gujarat’s Khavda village.
The engineering, procurement, and construction order involves developing 225-megawatt grid connected solar photovoltaic projects at the GSECL Solar Park (Stage-III), according to the company’s exchange filing.
The contract from NTPC Renewable Energy also includes an operations and maintenance agreement spanning three years.
The filing added that both the companies had executed the contract last week, which it said marked "a substantial milestone" in their pursuit of advancing renewable energy infrastructure in India.
Shilpa Urhekar, chief executive officer of Gensol Engineering’s solar EPC division, said, “This collaboration demonstrates the belief in Gensol’s leadership in project management proficiency and renewable expertise.”
“This order is paramount for fulfilling India’s escalating need for clean and sustainable energy, in line with the government’s vision to fulfill this need. We remain pledged to make our utmost contributions in all respects," Urhekar added.
For the quarter ended Sept. 30, 2024, Gensol Engineering had posted a 13.8% year-on-year increase in revenue to Rs 346.49 crore. In comparison, it earned Rs 304.58 crore as revenue in the year-ago period.
The construction firm's net profit had grown 29% to Rs 22.93 crore compared to Rs 17.71 crore that it had reported in last fiscal's similar period.
Shares of Gensol Engineering closed 4.61% lower at Rs 713.35 apiece on the BSE, compared to a flattish end for the benchmark Sensex.
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