Renewable energy solutions provider KPI Green Energy posted a net profit of ₹347.5 million (~$4.2 million) in the second quarter (Q2) of the financial year (FY) 2024, an increase of 64% year-over-year (YoY) from ₹211.6 million (~$2.5 million).
The company’s total income for the quarter stood at ₹2.16 billion (~$25.9 million), a rise of 35%, compared to ₹1.6 billion (~$19.2 million) during the same period last year.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the July-September period was ₹720.4 million (~$8.6 million), a YoY increase of 36%.
The rise in profits, income, and EBITDA can be attributed to the rise in project installations in the captive segment, which grew by 25% compared to the same period last year.
KPI Green has a current order book of more than 541 MW, of which 279 MW projects were under the Independent Power Producer segment, 77 MW under the captive power producer segment, and 185 MW under hybrid.`
The company has set a target of installing 1 GW by 2025.
KPI Green recorded a net profit of ₹680.1 million (~$8.2 million) in the first half (1H) of FY 2024, an increase of 57% YoY from ₹433.9 million (~$5.2 million).
The company’s revenue for the period stood at ₹4.07 billion (~$48.9 billion), a rise of 44%, compared to ₹2.83 billion (~$34 million) during the same period last year.
The EBITDA for the April-September period was ₹1.43 billion (~$17.2 million), a YoY increase of 49%.
As of September 30, 2023, KPI Green has commissioned more than 346 MW, including 141 MW in independent power producer projects and 205 MW in captive power projects.
Recently, KPI Green acquired a 99.9% equity stake in solar power developer KPark Sunbeat for a consideration of ₹1.26 billion (~$15.1 million). KPI Green said its board of directors had approved the acquisition of 9,900 equity shares of KPark Sunbeat, a related party transaction.
KPI has been consolidating the solar projects of the KP Group into a single entity, KPI Green Energy.
KPI Green Energy was one of the winners of Gujarat Urja Vikas Nigam’s auction to develop 800 MW of grid-connected solar power projects (Phase XX) at the Khavda Solar Park in Gujarat. KPI Energy bagged 100 MW by quoting ₹2.70 (~$0.033)/kWh.
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