- The company is poised to exceed ₹500 crore in turnover for the fiscal year 2024
- In the previous fiscal year (FY23), GPS Renewables achieved a total turnover of ₹153 crore
GPS Renewables has secured contracts valued at ₹2,000 crore for the implementation of multiple Compressed Biogas (CBG) projects, also known as Renewable Natural Gas (RNG), across India.
These strategically located CBG facilities are set to process 4,000 tonnes per day (TPD) of agricultural residues and energy crops and 300 TPD of municipal solid waste (MSW) for biogas production, effectively mitigating landfill waste buildup.
These endeavours anticipate generating a minimum daily output of 350 TPD of CBG, underscoring GPS Renewables’ dedication to a cleaner and sustainable future. With this substantial order backlog, the company is poised to exceed ₹500 crore in turnover for the fiscal year 2024.
In the previous fiscal year (FY23), GPS Renewables achieved a total turnover of ₹153 crore, representing a remarkable growth of over 100% compared to the preceding year.
Alongside this expansion, the company augmented its workforce from 72 to 175 employees and currently employs 356 full-time professionals. Despite its rapid growth, GPS Renewables maintained profitability, reporting an EBITDA of ₹17.5 crore with a PAT of ₹11 crore in FY23, and it remains confident in maintaining similar levels of profitability in FY24.
GPS Renewables CEO and Co-Founder Mainak Chakraborty said, “From inception to date, we have focused on building a profitable solution to tackle India’s waste-to-bioenergy challenge. Today, our company has an order book of ₹2,000 crore from leading conglomerates in the country. This showcases our commitment towards accelerating the substitution of fossil fuel with bio-energy and playing a key role in mitigating climate change.”