Green energy stock hit 5%upper circuit after receiving order for the wind power project

The shares of the windmill infrastructure provider hit 5 percent upper circuit of Rs 409.85 apiece after the company received a new work order for the development wind power project. 

With a market capitalization of Rs 2,733.29 crore, the shares of K.P. Energy Ltd were trading at Rs 409.85 per share, increasing around 5 percent as compared to the previous closing of Rs 390.35 apiece. 

According to the Bse filing, K.P. Energy Ltd has received a new order for the development of a 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat. This project is awarded by Bhathwari Technologies Private Limited and The project is expected to be completed in the financial year 2024-25. 

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Looking into the company's Performance, K.P. Energy Ltd's revenue increased by 152 percent on a quarter-on-quarter basis from Rs. 82 crores in Q3FY24 to Rs.207 crores in Q4FY24. Further, revenue increased by 40 percent year on year from Rs. 148 crores in Q4FY23 to Rs.207 crores in Q4FY24. 

K.P. Energy Ltd's net profit increased by 177 percent on a quarter-on-quarter basis from Rs. 9 crore in Q3FY24 to Rs. 25 crore in Q4FY24. Further, net profit increased by 66 percent year on year from Rs. 15 crore in Q4FY23 to Rs. 25 crore in Q4FY24. 

In Q4FY24, the Company's revenue from the EPC segment was Rs 200.80 Cr, up about 40% from Q4FY23's Rs 143.47 Cr on a consolidated basis. In FY24, the business generated Rs 450.69 Cr in revenue from the EPC segment. 

As of Q4FY24, the Company has received an order of 368.55MW, with Aditya Birla Renewables Subsidiary Limited awarding 185.85MW and ABREL (RJ) Projects Limited awarding 182.70MW for a wind-solar hybrid power project in Gujarat. This project will link to the Inter-State Transmission System (ISTS) network of the Central Transmission Utility (CTU). 

In Q4FY24, the business has 1,012.65 MW of projects on hand, with 829.50 MW of capacity electrified to date, including CTU and STU projects. KPEL has 19.9 MW of IPP operational wind energy assets, each with a capacity of 2.1 MW, and 11.5 MW of direct current solar power plants. 

K.P. Energy (KPEL) is part of the Surat-based KP Group. It is involved in the creation of utility-scale wind power generation infrastructure. The key tasks include wind farm siting, land acquisition and permitting, EPCC of wind projects, and balance of plant (BoP) infrastructure. 

Written by:- Abhishek Singh

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