“That said, we understand the concerns these downgrades have raised and are committed to addressing them responsibly to all our stakeholders,” it said in a statement.
The firm denied involvement in “falsification claims” and said it would be setting up a committee to comprehensively review the matter. “This underscores the company’s commitment to accountability, transparency and sustainable business practices.” Gensol said it had strong financials with an order book of more than ₹7,000 crore, 42% growth in revenue to ₹1,056 crore in the first nine months of current fiscal, 89% EBITDA growth to ₹246 crore and 34% rise in profit to ₹67 crore.
“These are challenging times, and we are taking decisive steps toward strengthening our financial position and ensuring long-term financial stability,” it said.The total current debt stood at ₹1,146 crore against the reserves of ₹589 crore, making it a debt-equity ratio of 1.95.
“In the current financial year, we have reduced our debt obligation by ₹230 crore,” the company said, adding that it has initiated a series of asset divestments to significantly reduce debt.
The measures include the sale of 2,997 electric vehicles worth ₹315 crore and sale of a wholly-owned Gensol subsidiary company for ₹350 crore.
“As a result of these two divestments, our debt will significantly reduce by ₹665 crore resulting in a debt-equity ratio of 0.8,” it said. “While the company continues to pay its debt obligations, all proceeds from the above initiatives will be directly utilised toward repaying our existing debt and working capital obligations.” Through these periodic interventions and upcoming planned initiatives, the firm said it is resolute in its goal of achieving a zero net debt status.
“We are confident in our ability to navigate this period and emerge stronger. We value the trust of our stakeholders and will provide regular updates as we progress towards our financial goals,” the statement added.
