Overview: KPI Green Energy Ltd
KPI Green Energy Ltd is a well-established player in the renewable energy sector, operating as both an Independent Power Producer (IPP) and a Captive Power Producer (CPP) in Gujarat.
It has garnered a strong reputation in the solar energy market through its expertise in third-party sales and consistent focus on optimizing power plant operations for reliable renewable energy delivery.
Recent Orders and Cumulative Projects
KPI Green Energy recently secured new orders amounting to 6.50 MW for solar power projects from various companies, expanding its cumulative orders in the CPP segment to 106+ MW.
The company’s diverse portfolio includes a mix of IPP and CPP projects, along with a significant 145.20 MW Hybrid CPP order and a 240 MW DC bid from GUVNL, contributing to a gross order book of 541+ MW, in line with its ambitious target of reaching 1000 MW by 2025.
Corporate Milestones and Achievements
Noteworthy achievements in 2023 include an upgraded credit rating from BBB+ to A, successful commissioning of a 26.10 MW IPP Hybrid Project, and the attainment of a cumulative capacity of 300+ MW across IPP and CPP operations.
KPI Green Energy’s acquisition of a 200 MW Solar PV project from GUVNL has further solidified its position in the competitive renewable energy market.
The company’s stock has displayed impressive growth, delivering 125 percent returns in the past year, earning it the label of a “multibagger.”
Revenue Model and Operations
KPI Green Energy operates with a revenue model that involves both IPP and CPP operations. In the IPP segment, it focuses on developing and managing grid-connected solar power projects, generating revenue through Power Purchase Agreements (PPAs) with businesses.
The company has completed around 141 MW (DC) of IPP projects and approximately 202 MW (DC) of CPP projects, offering customized solar and hybrid power solutions to its clients and ensuring efficient operation and maintenance services (O&M).
Financial Performance in H1FY24
KPI Green Energy reported robust financial results in the first half of the financial year 2023-24, with a significant 44 percent increase in total income, reaching Rs 406.52 Crore compared to Rs 282.96 Crore in H1FY23.
The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for H1FY24 demonstrated a strong 49 percent growth, reaching Rs 142.5 Crore, compared to Rs 95.42 Crore in H1FY23.
Additionally, the profit after tax in H1FY24 showed notable growth, surging by 57 percent to reach Rs 68.01 Crore from Rs 43.39 Crore in H1FY23.
KPI Green Energy Ltd’s consistent growth trajectory, coupled with its significant orders, diverse project portfolio, and robust financial performance, positions it as a key player in the renewable energy sector, poised for further expansion and success in the future.
