KPI Green Energy shares rise 3% on order for 4.20-MW hybrid power project

Shares of KPI Green Energy Ltd gained over 3% in early deals today after the firm won an order for executing wind-solar hybrid power project for 4.20 MW capacity. The order comprises 4.20 MW wind and 3.60 MW solar capacity from Sustainable Spinning and Commodities Pvt. Ltd. under ‘Captive Power Producer (CPP)’ segment. “Our cumulative orders of Wind-Solar Hybrid Power Project including the current one, till date have crossed 196 plus MW under the CPP segment of the company,” said the firm in a communication to BSE.

In the current session, KPI Green Energy shares rose 3.55% to Rs 827.20 on BSE. The power stock opened higher at Rs 818.15 against the previous close of Rs 798.80 on BSE. KPI Green Energy shares have gained 78% in 2023 and risen 109.40% in a year. The stock has zoomed 1091% in two years and risen 3192% in three years.

A total of 0.14 lakh shares of the firm changed hands, amounting to a turnover of Rs 1.09 crore on BSE. Market cap of the company rose to Rs 2,908 crore on BSE.

KPI Green Energy stock has a one-year beta of 0.7, indicating very low volatility during the period.

The stock hit a record high of Rs 953.80 on August 29, 2023 and a 52-week low of Rs 345 on October 31, 2022.

In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 35.7, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 5 day, 10 day, 20 day, 30 day and 50 day but higher than the 100 day, 150 day and 200 day moving averages.

The projects are scheduled to be completed in the financial year 2023-24, in various tranches as per the terms of the order, said the company.

In the first week of October, the company received orders aggregating to 12.10 MW solar power projects, out of which 3.10 MW capacity will be undertaken by KPI Green Energy. They are scheduled to be completed in various tranches in the financial year 2023-24.

KPI Green Energy reported a revenue of Rs 190.6 crore in the June 2023 quarter against a revenue of Rs 122.8 crore in the corresponding quarter a year ago.

Profit rose to Rs 33.3 crore in Q1 against Rs 22.2 crore in the corresponding quarter of the previous fiscal. Operating profit climbed to Rs 69.3 crore in Q1 against Rs 41.9 crore in the corresponding quarter of the previous fiscal.

For FY23, net profit climbed to Rs 109.6 crore against Rs 43.2 crore profit in FY22. Revenue from operations surged to Rs 647 crore in the last fiscal against Rs 231.22 crore for the fiscal ended March 2022.

KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism' and as service provider to Captive Power Producer (CPP) customers.

Also read: Hot stocks on October 25, 2023: NIIT, Jio Financial, Zomato, Delta Corp, JP Power and more

Also read: MTAR Tech, KPR Mills, Colgate: Axis Securities prefers these 3 stocks for short term