KPI Green Energy secures LOIs for 7MW solar projects

3 Sep 2024 , 03:17 PM

KPI Green Energy Ltd’s shares rose more than 1.5% on Tuesday after its subsidiary received solar power projects totalling 7 MW in the captive power producer (CPP) segment.

Sun Drops Energia Private Ltd, the renewable energy company’s wholly owned subsidiary, received Letters of Intent (LoIs) for solar power projects from domestic firms Wolkem India Ltd and Mahadev Texo Fab on September 3.

KPI Green Energy’s shares rose to ₹900 per share on the BSE after opening at ₹880.

According to the company’s stock exchange filing on Tuesday, Sun Drops Energia plans to complete the projects during the current fiscal year 2024-25 (FY25). The orders will be completed in several tranches as specified in the terms, with a total order size of 7 MW.

KPI Green Energy’s net profit doubled to ₹66.11 Crore in the quarter ended June 30, 2024, due to increasing income. The net profit increased by 99% year on year, from ₹33.26 Crore in the same quarter last year.

In the June quarter of FY25, the company’s revenue increased by 83.6% to ₹349.85 Crore from ₹190.56 Crore the previous year.

The Board of KPI Green Energy announced an interim dividend of 0.20 paisa per equity share, having a face value of ₹5, for the fiscal year 2024-25. As per the company, the record date for payment of this interim dividend was August 21, 2024.

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