Gensol Engineering shares jump 4% after second-quarter profit doubles

Gensol Engineering, a part of Gensol Group, shares on Wednesday jumped 4 per cent after the company's profit in the second quarter doubled.

The stock traded higher at Rs 825 around 3 PM on BSE after its standalone net profit more than doubled to Rs 15.68 crore for the September quarter. The company had clocked Rs 7.31 crore net profit in the year-ago period.

Its total income rose to Rs 201.61 crore from Rs 80.29 crore in the same quarter a year ago.

The company said that its H1FY24 has been a half year of remarkable leaps, with 88 per cent revenue growth and a 24 per cent PAT increase.

The company said that it has also established an electric vehicle manufacturing facility in Pune to develop and produce electric three-wheelers and four-wheelers.

Last month, Gensol Engineering issued bonus shares in a 2:1 ratio. Eligible shareholders of the company had received two bonus shares for each share held by them as of the record date. The company had fixed Tuesday, October 17, as the record date.