The renewable energy company’s wholly-owned subsidiary Sun Drops Energia Private Ltd has secured letters of intent (LoIs) for solar power projects from domestic entities Wolkem India Ltd and Mahadev Texo Fab on September 3.
KPI Green Energy shares opened higher at ₹880 per share on the Bombay Stock Exchange and advanced further to peak at ₹900.
According to the company’s press release issued to the stock exchanges on Tuesday, Sun Drops Energia plans to complete the projects during the current financial year 2024-25 (FY25). The orders will be executed in multiple tranches as per the terms and conditions, with the overall order size standing at 7 MW.
KPI Green Energy reported a significant increase in its net profit for the quarter ended June 30, 2024, with a doubling to ₹66.11 crore, driven by higher revenue. This represents a 99% year-on-year increase in net profit compared to ₹33.26 crore in the same period last year.
The company’s revenue also increased in the June quarter of FY25 to Rs 349.85 crore from Rs 190.56 crore in the year-ago quarter, marking a growth of 83.6 per cent year-on-year.
The Board of Directors of KPI Green Energy has also approved an interim dividend of 0.20 paisa per equity share, of face value of ₹5 each, for the financial year 2024-25. The record date for payment of this interim dividend was August 21, 2024.
Based in Gujarat, KPI Green Energy Limited (formerly known as KPI Global Infrastructure Ltd) is a leading renewable energy generation company.
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