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June 6, 2024

KPI Green Energy Surges 5% on Securing 20 New Solar Power Projects

KPI Green Energy’s shares experienced a notable increase of 4.99% to Rs 1,767.50 per share on the BSE during Thursday’s intraday trade. This surge followed the announcement that the company had secured 20 new solar power projects from various clients, with a combined order size of 26.15 megawatts.

The company revealed in an exchange filing on Wednesday that these projects will be developed by Sun Drops Energia, a wholly-owned subsidiary of KPI Green Energy. According to the terms of the order, these projects are slated for completion in the financial year 2024-25, progressing in multiple tranches.

KPI Green Energy, a member of the KP Group, is recognized for its expertise in developing, constructing, owning, managing, and maintaining renewable power facilities, which include solar and wind-solar hybrid power projects.

The company’s impressive growth is highlighted by its financial performance in recent quarters. In the March quarter, KPI Green Energy reported a nearly 36% increase in consolidated net profit, reaching Rs 43.04 crore compared to Rs 31.77 crore in the same period last year. Additionally, total revenue for the quarter surged to Rs 292.96 crore, up from Rs 184.41 crore the previous year. For the entire fiscal year 2024, consolidated net profit rose significantly to Rs 161.65 crore from Rs 109.62 crore in the prior year.

At 10:32 AM on Thursday, the company’s stock was trading at Rs 1,762.55 per piece, marking a 4.70% increase. In comparison, the BSE Sensex was trading 0.99% higher at the same time. KPI Green Energy’s stock is currently trading at a price-to-earnings valuation of 102.47 times, reflecting investor confidence and the company’s strong market position.

This series of new orders and the company’s robust financial performance underscore its pivotal role in the renewable energy sector. As the world shifts towards sustainable energy solutions, KPI Green Energy’s strategic initiatives and consistent growth make it a significant player to watch in the industry.

Read more Business related news on R9 News
Jhumpa Lahiri

Jhumpa Lahiri

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