CHAIRMAN'S MESSAGE
This year, Gensol has achieved remarkable milestones in both solar energy and electric
mobility sectors. We executed several large scale solar projects and also won 2 BESS
orders worth INR 3200 Crores fp
DEAR VALUED STAKEHOLDERS,
WHAT AN EXHILARATING YEAR IT HAS BEEN FOR ALL OF US ATGENSOL ENGINEERING LIMITED!
I AM THRILLED TO SHARE OUR ANNUAL REPORT FOR THE FISCAL YEAR 2024, A YEAR MARKED BY
SIGNIFICANT TRANSFORMATION AND GROWTH.
Our journey this year is a story of transition and innovation. It is a testament to our
exceptional teamwork and collective effort that is anticipated to foster clean and green
energy for a sustainable tomorrow.
Embracing Market Dynamics with Agility
The renewable energy landscape in India is evolving rapidly, and 2024 has been a
landmark year. The share of renewable energy in India's total electricity capacity soared
to an impressive 33%, a leap from 15% in FY 2015-16. India has proudly overtaken Japan to
become the world's third- largest solar power generator, highlighting our nation's
commitment to sustainable energy and proactive policies.
At Gensol, we have adeptly navigated these market shifts, leveraging our expertise and
innovative solutions to meet the growing demand for clean energy. Our robust project
pipeline and technical acumen have empowered us to stay ahead of the curve and, deliver
exceptional value to our stakeholders.
We have fortified our leadership team with the appointment of seasoned professionals.
The presence of experienced people is anticipated to strengthen our foundation and sustain
our commitment to innovation and business expansion.
Celebrating Our Achievements
This year, Gensol has achieved landmark achievements in both solar energy and electric
mobility sectors.
Wc executed several large-scale solar projects, adding to our impressive 770 MW of EPC
portfolio and boosting our total order book to Rs.1,783 crore (includes solar & EV
leasing). Among our standout accomplishments, we secured our largest-ever turnkey EPC
order of 100 MW and won our first two BESS project, projected to generate INR 3,200 Crore
in revenue over the next 12 years. Under Gensol Electric Vehicles Pvt Ltd (GEVPL) - a
subsidiary of Gensol Engineering Limited, wc set up a state- of-the-art EV manufacturing
facility in Pune. Wc received Automotive Research Association of India (ARAl)
Certification for our unique and revolutionary electric vehicle. This certification
validates our proposal to start production of EVs and redefine sustainable and urban
mobility in India. For the EV Leasing business which was branded as Lct'sEV, wc now have
over 6,000 EVs on lease. Our strategic acquisitions, including Scorpius Trackers, an
innovative and world-class bankable single-axis solar tracking solution provider, and the
launch of our new subsidiary in Dubai have expanded our technological portfolio and
international reach. It now, positions us strongly in the renewable energy market.
Our Commitment to Sustainability and Innovation
At Consol, sustainability and innovation are central to our operations. Our
enterprising team, driven by our ICARE value system, is committed to delivering holistic
renewable energy solutions while always putting the customer first.
Looking Ahead: The Future of Gensol
As wo look to the future, Consol is poised for continued growth and success. The global
shift towards renewable energy and electric mobility presents unprecedented opportunities,
and wo ciro rocicly to seize them.
Our strategic roadmap focuses on strengthening and expanding our solar and EV
businesses, exploring new markets, and driving innovation.
In the upcoming year, we intend to begin EV manufacturing operations and expand our
solar EPC services in India and internationally. We are also committed to enhancing our
technological capabilities, investing in RS.D, and fostering a culture of continuous
learning and improvement alongside developing and strengthening our leadership and teams.
General upholds the highest standards in health, safety, and environmental practices.
Our rigorous quality management systems ensure excellence at every project stage, from
design to commissioning. Wo arc committed to making a positive social impact through our
CSR initiatives. By focusing on healthcare, education, women empowerment, and community
service, we aim to enhance the well-being of those we serve.
Express my earnest granitite do to the Board of Directors and all other stakeholders
for their unwavering support. The strong backing from the Board, shareholders and other
stakeholders has been crucial to our success in a highly competitive market extend my
heartfelt granitite do to our bankers, investors, customers and the wider community for
their trust and confidence in Consol. Finally, a special thanks to our dedicated
employees, whoso hard work and commitment enable us to soar to now heights of success each
year. Together, we have achieved remarkable milestones and together, wc arc determined to
lay the foundation of a sustainable and prosperous future.
Warm regards.
Anmol Singh Jaggi
Chairman & Managing Director.