KPI Green Energy's Subsidiary Secures 7 MW Solar Projects

3 Sep 2024 , 03:03 PM

KPI Green Energy Ltd’s shares rose by over 1.5% on Tuesday. The increase followed news that its subsidiary, Sun Drops Energia Private Ltd, won solar power projects with a combined capacity of 7 MW in the captive power producer (CPP) segment.

Sun Drops Energia received Letters of Intent (LoIs) from Wolkem India Ltd and Mahadev Texo Fab on September 3.

At the time of writing on September 3, 2024 at 2:51 pm, KPI Green Energy Ltd’ shares were trading 0.61% higher at ₹892. KPI Green Energy Ltd stock has seen a 87% gain over the past six months. KPI Green Energy Ltd stock has gained a total of 203% in the last one year.

The solar projects are expected to be completed within the financial year 2024-25 (FY25), with work being carried out in phases.

The company reported a significant net profit increase for the quarter ending June 30, 2024, with a 100% rise to ₹66.11 Crore, compared to ₹33.26 Crore in the same quarter last year.

Revenue for the June 2024 quarter surged to ₹349.85 Crore, up from ₹190.56 Crore in the previous year, reflecting an 83.6% year-on-year growth.

KPI Green Energy’s Board approved an interim dividend of 0.20 paisa per ₹5 equity share for FY25, with the record date set for August 21, 2024. Based in Gujarat, KPI Green Energy Ltd, formerly KPI Global Infrastructure Ltd, is a prominent player in renewable power generation.