KP Energy stock price up by 5% today

23 Apr 2024 , 12:02 PM

KP Energy shares surged 5%, hitting the upper circuit in early trading on April 23, following the company’s announcement of securing a wind power project development contract. Interestingly, there were no sellers available, while pending buy orders totalled 311,029 shares, indicating significant investor interest in the stock.

The company revealed that it had secured a contract to develop a 9MW wind power project, which is part of a larger wind-solar hybrid power project in Gujarat. This contract was awarded by Bhathwari Technologies Private Limited under the captive power project segment.

The project encompasses both the supply and service aspects for its development on a turnkey basis and is expected to be completed within the financial year 2024-25.

KP Energy reported a remarkable 60.78% increase in its net profit for Q4FY24, amounting to ₹24.89 Crore compared to ₹15.48 Crore in the corresponding quarter of the previous fiscal year. Additionally, the company’s revenue showed robust growth of 39.6%, reaching ₹207.26 Crore from ₹148.44 Crore in the same period.

Recognized for its strong management, efficient cost structure, and robust order book, KP Energy Ltd. specializes in high-quality Wind Turbine Generators (WTGs) and provides turnkey solutions for wind farm projects across India.

With a proven track record and a commitment to innovation, KP Energy stands as a leader in the renewable energy sector, delivering sustainable solutions for a greener future.

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