KPI Green Delivers Stellar Q4 and full year Results, 1.23 GW project Pipeline

Surat-based Solar EPC firm KPI Green Energy has come out with a strong set of Q4 results.  Total revenues came in at Rs 293 crores during the quarter, a 59% increase over the corresponding quarter in Fy23. Net profit rose Rs 43 crores, up 36% over the same quarter last year.

For the full year, KPI Green has energised 132 MW of capacity, even as a flood of new orders worth  682 MW took it’s total pipeline to over 1.23 GW, with a previous unexecuted order book of 552 MW. The firm, with total capacity energised of 445 MW, hopes to reach a cumulative delivered capacity of over 1 GW by 2025 itself.

Full year revenues in Fy 24 were  a full  59% higher than the previous year at Rs 1023 crores. Profits after tax also rose 47% to Rs 161.66 crores.

KPI Green has been particularly strong in the captive power segment, where it has a pipeline of 868 MW, versus 366 MW in the Independent Power Producer segment. IPP projects had a revenue share of 17%, while CPP projects delivered almost 82% during  FY24

Thus, the consolidated CPP Sales of year ended FY23-24, grew by 54.2% to Rs. 844.93 Cr from Rs. 547.97 Cr of corresponding period last year. Whereas the Independent Power Producer (IPP) revenue grew by 86.8% to Rs. 177.00 Cr from Rs. 94.73 Cr during the same comparison period.

Key project wins during the year included major CPP orders from Aditya Birla Renewables Subsidiary Limited and ABREL (RJ) Projects Limited for 396.50 MWDC, Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) for 135 MWDC. Additionally, 145.20 MW (comprising of 145.20 MW Wind and 50 MW Solar) Wind-Solar Hybrid Power Project from Ayana Renewable Power Four Private Limited under CPP Segment.

As an IPP, the  company has emerged as the winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for development of 240MWDC Solar Power Project at Solar Park, Khavda (GSECL Stage 2). The Power Purchase Agreement (PPA) with GUVNL has also been executed with Gujarat Electricity Regulatory Commission (GERC). Additionally, the Company has emerged as the successful winner in the GUVNL tender for development of 50MW (comprising of 16.80 MW Wind and 50MW Solar) Wind-Solar Hybrid Power Project.

Looking beyond its strong position in Gujarat, the firm has also signed MoUs with Uttarakhand government for exploring 500 MW of solar projects in the hill state.