GPS Renewables Lands ₹2,000 Crore in Orders for Compressed Biogas (CBG) Plants

In a major development announced recently, GPS Renewables revealed its successful acquisition of orders worth ₹2,000 crore for the execution of numerous Compressed Biogas (CBG) projects, commonly referred to as Renewable Natural Gas (RNG), across the nation.

These strategically positioned CBG plants are poised to process an impressive 4,000 tonnes per day (TPD) of agri-residue and energy crops, supplemented by an additional 300 TPD of municipal solid waste (MSW) for biogas production, effectively preventing the accumulation of waste in landfills, as per the company's statement.

The combined efforts of these initiatives are expected to yield a minimum daily output of 350 TPD of CBG, solidifying GPS Renewables' unwavering commitment to a cleaner and more sustainable future. With this substantial order book, the company anticipates surpassing a turnover of ₹500 crore in the fiscal year 2024, building on the notable achievement of a total turnover of ₹153 crore in the fiscal year 2023—a remarkable increase of over 100% compared to the preceding fiscal year.

Concurrently with this robust growth, GPS Renewables has significantly expanded its workforce, increasing from 72 to 175 employees and currently employing 356 full-time professionals. Despite this rapid expansion, the company has successfully maintained profitability, reporting an EBITDA of ₹17.5 crore with a PAT of ₹11 crore in the fiscal year 2023. It expresses confidence in sustaining similar levels of profitability in the fiscal year 2024.

Mainak Chakraborty, the CEO and Co-Founder of GPS Renewables, emphasized the company's journey from inception, stating, "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."

In a noteworthy development, GPS Renewables recently acquired Proweps Envirotech, a Germany-based leading design and engineering company specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production. This strategic acquisition brings extensive international experience in waste treatment, anaerobic digestion, and biogas upgrading plants to GPS Renewables.

HBL