Gensol Engineering Limited Q4/FY24 Earnings Conference Call Summary
Financial Performance
• Revenue Growth: FY24 revenue increased by 147% to Rs. 996 crores.
• EBITDA: Rose to Rs. 260 crores.
• Profit Before Tax: Doubled to Rs. 78 crores compared to FY23.
Future Revenue Guidance
• FY25 Target: Revenue guidance set at Rs. 2,000 crores, indicating a doubling from FY24.
• EBITDA Margins: Expected to remain stable at 25%-26%.
Business Segments
• Scorpius Trackers: Projected to double revenue, focusing on international sales, especially in the U.S.
• Electric Vehicle (EV) Leasing: Currently facing losses due to high depreciation costs but no cash losses; around Rs. 600 crores in assets under management.
Cash Flow and Debt Management
• Cash Flow Concerns: High receivables from Q4 performance impacted cash flow; improvements expected in Q1.
• Debt-to-Equity Ratio: Currently high at 3.5 times; net debt-to-equity ratio is 2.7 after accounting for cash reserves.
Strategic Initiatives
• Equity Raising: Plans to raise Rs. 900 crores in equity to improve financial position.
• Asset Transfer: Intention to transfer assets to a new subsidiary, Let'sEV, for streamlined operations.
Market Outlook
• EPC Solar Industry: Expected to continue expanding significantly through FY30.
• EV Market Strategy: Confidence in a competitively priced EV car for three-wheelers, addressing urban demand.
Investor Engagement
• Concerns Addressed: Questions on asset depreciation, competition, and financial strategy were discussed.
• Commitment to Green Energy: Emphasis on leading in green energy and clean mobility initiatives.

Gensol Engineering Limited Q3 FY24 Earnings Conference Call Summary
Overview
• Date of Call: January 23, 2024
• Submitted Transcript: January 31, 2024
• Addressed to: BSE and NSE
• Moderator: Siddesh Chawan (Ernst & Young)
• Speaker: Anmol Singh Jaggi (Managing Director)
Financial Performance
• Year-on-Year Growth:
• Revenue: Increased by 335%
• EBITDA: Increased by 312%
• PAT: Significant turnaround from negative last year
• Current Financials:
• Consolidated revenue for first nine months of FY24: INR 584 crores (147% increase)
• EBITDA: INR 169 crores
• Projected total revenue for FY24: INR 950 crores
Business Segments
• Solar EPC Market:
• Transition from advisory to solar EPC player
• Completed projects: Over 600 MW
• Current order book: Exceeds INR 1,000 crores
• Electric Vehicle (EV) Manufacturing:
• Manufacturing plant in Pune set to produce 30,000 vehicles annually
• Production expected to start by late April 2024
• Target: 5,000 vehicles in FY25, generating INR 300 crores in revenue
• EV Leasing:
• Leasing subsidiary managing assets over INR 800 crores
• Net interest margins: 4-5%
• Strong EBITDA margins exceeding 90%
Future Plans
• EV Manufacturing:
• Initial focus on three-wheelers, with four-wheelers in development
• Projected revenue from EV manufacturing: INR 300 crores in FY25, INR 600 crores in FY26
• Debt and Capital Expenditure:
• Anticipated debt by end of FY25: INR 1,800 crores
• Capex for manufacturing segment: INR 125-130 crores
• Leasing business plans to purchase vehicles worth INR 800-1000 crores
Strategic Insights
• Operational Lease Model:
• Provides lifecycle management services for EVs
• Enhances competitive edge with value-added services
• International Expansion:
• Focus on UAE market and entry into hydrogen projects
• Plans to participate in battery energy storage systems (BESS) tenders
Shareholder Engagement
• Addressed questions on:
• Composition of EPC order book
• Hedging against panel price volatility
• Synergies with BluSmart in the EV sector
• Need for comprehensive EV charging infrastructure
• Revenue breakdown for FY25:
• EV Manufacturing: INR 300 crores
• EV Leasing: INR 400 crores
• EPC: INR 1,300 crores
Conclusion
• Anmol Singh Jaggi expressed gratitude to shareholders for their support and confidence in Gensol's performance.