Gensol Engineering Ltd Secures Project for India's First Green Hydrogen Valley in Pune
Key Ideas
  • Gensol Engineering Ltd's shares rose by 3% after securing the project to establish India's first Green Hydrogen Valley in Pune.
  • The project, in collaboration with Matrix Gas & Renewables Ltd, aims to supply green hydrogen to specialty chemical industries in Pune round-the-clock for 20 years.
  • The company's financials show a decrease in revenue and net profits in the June quarter, despite a strong order book of Rs. 5,025 crore across various sectors.
  • Gensol Engineering has also recently secured a bio-hydrogen project, a solar power project in Gujarat, and entered the US market, showcasing its growth and diversification strategies.
Gensol Engineering Ltd witnessed a 3% increase in its shares following the announcement of securing a project to establish India's first Green Hydrogen Valley in Pune, Maharashtra, in collaboration with Matrix Gas & Renewables Ltd. The project aims to provide green hydrogen to speciality chemical industries in Pune on a round-the-clock basis for 20 years, contributing to the development of the Green Hydrogen economy in India. Anmol Jaggi, Managing Director of Gensol Engineering, expressed pride in this accomplishment and highlighted the Government of India's support for promoting Hydrogen Valleys. Despite a dip in revenue and net profits in the June quarter, the company maintains a robust order book of Rs. 5,025 crore covering solar energy, battery energy storage systems, and electric vehicle leasing sectors. Gensol Engineering's recent achievements include securing a bio-hydrogen project, a solar power project in Gujarat, and venturing into the US market, indicating a strategic focus on growth and diversification. Key financial ratios like Return on Equity (RoE) and return on capital employed (RoCE) remain favorable for the company, reflecting its financial stability and growth prospects. Gensol Engineering operates across various segments in the renewable energy sector, offering services for solar power plant development, solar panel tracking technology, EV leasing, and EV manufacturing.
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