KPI Green Energy, one of the leading players in the renewable energy sector, witnessed a notable 7.9% surge in its stock price during Friday's trade, reaching a new all-time high of ₹934.8 per share. This surge came after the company said it received a commissioning certificate from the Gujarat Energy Development Agency (‘GEDA’) for its own 4.10 MW wind-solar hybrid power project comprising 2.10 MW wind and 2 MWdc solar capacity.
KPI Green Energy is a solar power generation company focused on providing solar power, both as an independent power producer ('IPP') under the brand name of 'Solarism' and as a service provider to captive power producer ('CPP') customers.
Amidst India's ambitious goal of achieving 280 GW of solar power by 2030, the renewable energy sector is in a favourable position. KPI Green Energy aims to commission a substantial 1000 MW of solar power for its clients by 2025.
The shares have been on a winning run over the last few months, driven by the company's significant order wins. In the current month so far, they are up by nearly 11%, and over the last three months, the shares have delivered an impressive return of 73.78%, and in six months, they gained 108%.
On August 3, the company said it emerged as the winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for the development of the solar photovoltaic power project. This tender, as per the company, was for the development of 800 MW grid-connected solar photovoltaic power projects to be set up in the Gujarat State Electricity Corporation Ltd. (GSECL) solar park at Khavda (GSECL Stage 2), with a greenshoe option of additional capacity up to 800 MW.
On June 07, the company secured the largest single letter of intent (LOI) for executing the wind-solar hybrid power project. The project, with a capacity of 40 MW (21.50 MW wind and 18.50 MW solar), was awarded by Anupam Rasayan India in Surat under the 'Captive Power Producer (CPP)' business segment of the company.
During Q1FY24, on a consolidated basis, the company has energised a total of 26.50 MW. The consolidated captive power producer sales in Q1FY24 grew by 42% YoY to ₹146.98 crore, while that under the independent power producer grew by 118% YoY to ₹42.10 crore.
The consolidated total revenue during the quarter has surged to ₹190.57 crore, an improvement of 55% YoY. It reported a consolidated net profit of ₹33.26 crore in the quarter as against that of ₹22.23 crore in Q1FY23, which shows an increase of 49%. As a result of growth in net profit, the company's EPS improved to ₹9.20 in Q1FY24 from ₹6.15 in the same period last year.
During the quarter, the company has achieved an extraordinary milestone of energising 7 wind turbines at a virgin location in South Gujarat, including 1 turbine of its own, towards the Hybrid IPP Project, according to the company's regulatory filing.
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