Gensol addresses downgrades, unveils debt reduction strategy
Gensol Engineering (GENSOL.BSE) is addressing concerns after recent credit rating downgrades by CARE and ICRA, triggered by short-term liquidity mismatches. The company denies any claims of falsification and will set up a committee to comprehensively review the matter. The company also aims to improve its debt-equity ratio to 0.8 through strategic asset divestments including the sale of 2,997 electric vehicles worth INR 315 Cr and the sale of a wholly owned subsidiary for INR 350 Cr. The company's orderbook exceeds INR 7000 Cr, revenue has grown 42% to INR 1,056 Cr. in 9M FY25, EBITDA has grown 89% to INR 246 Cr. in 9M FY25, and PAT has grown 34% to INR 67 Cr. in 9M FY25. Gensol is committed to achieving a zero net-debt status and will utilize proceeds from divestments to repay debt and working capital obligations.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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