The engineering services company said that the revenue growth was boosted by India's renewed focus on renewable energy sector. Importantly, the federal government's ambitious plans to reduce the carbon intensity of the nation's economy by less than 45% by the end of the decade and expand the installed capacity of India's renewable energy to 500 GW by 2030 has imparted a conspicuous impetus to Gensol's business.

India's electricity-generation capacity has grown by 22% and renewable-energy capacity has nearly doubled in the five years to 2022, while power consumption grew 9.5% year on year in 2022-23, mainly due to higher demand amid a rise in economic activities, it added.

Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

On a consolidated basis, the company's revenue for H1FY23 stood at Rs 182.80 crore, up by 437% YoY from Rs 34.1 crore in H1FY22. Profit after Tax (PAT) for H1FY23 was at Rs 13.1 crore, up by 465% YoY from Rs 2.3 crore in H1FY22.