Shares of a leading renewable energy supplier rose 5 percent to Rs 865 apiece on Friday after the company won a solar Photovoltaic Power Project.
At 12:30 p.m., KPI Green Energy Ltd shares were trading at Rs 846.55 a share on the National Stock Exchange, up Rs 21.85 or 2.65 percent. The company has a market capitalization of Rs 3,058 crores.
According to a company filing on the exchange,KPI Green Energy Limited has bagged the 200MW (240 MWP) grid connected Solar Photovoltaic Power Project Award from Gujarat Urja Vikas Nigam Limited(GUVNL),The project is expected to be completed within 21 months of the execution of the power purchase agreement.
The power purchase agreement (PPA) with GUVNL will be executed after approval is obtained from the Gujarat Electricity Regulatory Commission (GERC).
The tender was for the development of 800 MW grid-connected solar photovoltaic power projects in the Gujarat State Electricity Corporation Ltd (GSECL) solar park at Khavda (GSECL Stage 2), with a Greenshoe Option of up to 800 MW.
With this order of 200MW solar project, the company’s total capacity will soon reach 723 MW. As a consequence, the company is likely to accomplish its 1 GW milestone far sooner than its estimated deadline of 2025.
KPI Green Energy Ltd develops and operates solar power projects as an independent power producer and captive power producer,under the brand name Solarism.
KPI Green Energy Ltd shares have increased from Rs 331.80 to current levels,yielding multibagger returns of 154 percent. As a result, if an investor bought 1 lakh shares of the company in the previous year, their holdings are now worth 2.54 lakhs!
Company’s revenue has increased by 180 percent year on year, growing from Rs 229 crore in FY 21-22 to Rs 643 crore in FY 22-23. Net profit climbed by 153 percent within the same time period, from Rs 43 crore to Rs 109 crore.
Written by Omkar Chitnis
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