KPI Green Energy's share price spiked in early trading after its subsidiary secured a 1.5 MW solar power project, hitting upper circuit limits
KPI Green Energy, a renewable power generating company, witnessed a significant surge in its share price during early trading, as it hit a 5 per cent upper circuit limit following news that the company's subsidiary had won a 1.5 MW solar power project.
KPI Green Energy's wholly-owned subsidiary, KPIG Energia Private Limited, was awarded the contract to execute a 1.5 MW solar power project under the 'Captive Power Producer (CPP) segment' for Pruthvi Textile on Friday. The project is slated for completion in the financial year 2024-25, with implementation occurring in multiple stages as outlined in the terms of the agreement.
During the third quarter, the company's financial performance remained strong. In the December 2023 quarter, it recorded a consolidated net profit of Rs 50.60 crore, showing an improvement from Rs 34.45 crore in Q3FY23. Whereas the consolidated revenue from operations stood at Rs 330.11 crore in Q3FY24, in contrast to Rs 179.21 crore in the prior quarter.
Since the inception of this year, KPI Energy has bagged various projects adding to the positive outlook of the company. In the earlier part of this month, the subsidiary was awarded a contract to develop a 15 MW solar power project by Aether Industries. While, in January, the subsidiary received orders for a 5 MW project from Skywin Paper Industries Private Limited and a 5.60 MW project from Shree Varudi Paper Mill LLP.
On an annual basis, the shares of the power generating company gave multibagging returns of 387 per cent on NSE.