The share price of one of the leading renewable energy firms hit a 5 percent upper circuit to an intraday high price of ₹1,526 apiece on Monday after the company received an order from the Maharashtra government to develop a 100 MW solar project.
On Monday’s trade, KPI Green Energy Ltd. shares hit the upper circuit at ₹1,526 per share on the National stock exchange. The company has a market capitalization of ₹9,199 crore.
According to the company’s exchange filing, KPI Green Energy Limited received an order from Maharashtra State Power Generation Co. Ltd. for the development of a 100 MWAC solar project.
KPI Green Energy Ltd. shares have delivered a multibagger return of 430 percent in a year. A shareholder investment of ₹ 1 lakh in the company a year ago, would be worth ₹5.30 lakh.
The company’s revenue has increased by 84 percent annually, rising from ₹179 crore in Q3FY23 to ₹330 crore in Q3FY24. Further, net profit has increased by 50 percent within the same period, from ₹34 crore to ₹ 51 crore.
KPI Green Energy Ltd builds and manages solar power projects as an independent power producer and captive power producer under the Solarism brand.
In the December quarter, the company raised ₹ 300 crore through a qualified institutional placement (QIP) by issuing shares to qualified institutional buyers (QIBs).
As of the third quarter of FY24, the company has secured orders exceeding 88 MW, with a total order pipeline of 612 MW as of the first nine months of FY24.
The Company’s return on equity increased from 28.12 percent in FY22 to 42.50 percent in FY23, while the return on capital employed rose from 16.21 percent to 21.37 percent during the same period.
Written by Omkar Chitnis
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