KPI Green Energy surges 4% after profit jumps 57% YoY in Q2FY24
On a year-to-date (YTD), the stock of this smallcap company skyrocketed 115 percent, as against 7 percent rise in the Sensex benchmark
In the September-ended quarter, the company’s consolidated revenue from operations rose 43 percent YoY to Rs 215 crore from Rs 159 crore, in the year-ago period
Shares of KPI Green Energy surged 4 percent to Rs 940 per share on the BSE on October 10 after the company’s consolidated profit-after-tax (PAT) jumped 57 percent year-on-year (YoY) to Rs 34 crore for the July-September quarter of fiscal year 2023-24 (Q2FY24).
The S&P BSE Sensex was up 234 points or 0.4 percent to 65,807 levels, as of 9:25 am. Earlier, the stock had scaled to an all-time high level of Rs 953 per share on August 29, 2023.
On a year-to-date (YTD), the stock of this smallcap company skyrocketed 115 percent, as against 7 percent rise in the Sensex benchmark.
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In the September-ended quarter, the company’s consolidated revenue from operations rose 43 percent YoY to Rs 215 crore from Rs 159 crore, in the year-ago period. Total income, meanwhile, climbed 44 percent YoY to Rs 216 crore in Q2FY24 from Rs 160 crore in Q2FY23.
Moreover, the company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 49 percent YoY to Rs 72 crore in Q2FY24.
That apart, KPI Green approved and declared interim dividend of Rs 0.25 per share, having face value of Rs 10 each, on equity share capital of the company for FY24.
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The record date set for payment of this interim dividend is October 20, 2023. The dividend shall be paid within 30 days from the date of its declaration to the shareholders whose name appears in the register of members as on the record date, the company said.
KPI Green is the leader in solar energy under third party sales business in Gujarat. The company maintains and develops grid-connected IPP solar power projects under the ‘solarism’ brand. The company generates revenue by supplying power generated from its own solar power plants located in Bharuch, Gujarat to commercial and industrial consumers through power purchase agreements (PPP).
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