Shares of KPI Green Energy (formerly KPI Global Infrastructure) hit a record high of Rs 679.20 on Wednesday as they rallied 9 percent on the BSE in the intra-day trade amid heavy volumes. Trading volumes on the counter nearly doubled with a combined 760,000 equity shares having changed hands on the NSE and BSE till the time of writing of this report.
The stock of the electric utilities company has surged 21 percent in the past two days. In comparison, the S&P BSE Sensex was up 0.29 percent at 52,846 points at 12:45 PM…
In the past six trading days, the stock has zoomed 50 percent after the KPI Green Energy announced that it has received a commissioning certificate from Gujarat Energy Development Agency for a capacity of 5.20 MWdc solar power project for Devika Fibers Pvt. Ltd. under ‘Captive Power Producer’ segment of the company.
KPI Green Energy is engaged in the business of renewable energy, developing Solar power Projects, and generating power using solar energy, thereby using eco-friendly sources of generation of energy. The company is a multi-dimensional solar energy player, with interests in power generation as an Independent Power Producer (IPP), turnkey solutions for CPP, and the sale of the industrial plot for foraying into solar power generation under the brand name of ‘Solarism’. KPI has 165+ MW consolidated cumulative capacity energized for both IPP and CPP.
In the past year, the stock price of KPI Green Energy has zoomed 1,147 percent from a level of Rs 54.45 on the back of strong operational performance. In comparison, the S&P BSE Sensex has remained flat as it is added just 0.09 percent during the same period.
For the financial year 2021-22 (FY22), the company’s consolidated profit after tax jumped three-fold to Rs 43.25 crore from Rs 14.36 crore in FY21. Revenue from operation more-than-doubled to Rs 230 crore against Rs 104 crore in the previous fiscal. The company earned cash flow from operations of Rs 102.04 crore in FY22 vis a vis Rs (1.64) crore in FY21.
KPI Green Energy had said in 2022 that the company had bagged the single largest CPP order of 25 MW Solar power plants in the January-March quarter (Q4). It bagged CPP orders of 54.6 MW in Q4, which is the highest capacity in any quarter so far. The State Bank of India (SBI) took over the entire financial assistance of Rs 178 crore availed from Power Finance Corporation (PFC) (an average 11.30 percent interest rate) to a substantially reduced rate of 7.45 percent.
As of March 31, 2021, the company had a consolidated operation IPP capacity of 49 MW. During the financial year 2021-22 (FY22), the company added a consolidated 51 MW of operational capacity to reach to the total consolidated capacity of 100 MW. As of May 10, 2022, the company has a total consolidated order book of 99 MW which is expected to be executed and delivered in FY23.
