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Business News/ Markets / Stock Markets/  KP Energy share price hits 5% upper circuit on bagging a 9MW wind power project contract in Gujarat

KP Energy share price hits 5% upper circuit on bagging a 9MW wind power project contract in Gujarat

KP Energy share price hit the upper circuit as it won a contract for a 9MW wind power project. The company's consolidated net profit for Q4FY24 rose by 61% compared to the previous year. Revenue from the EPC sector also grew by 40% in Q4FY24.

KP Energy share price surged by 5% after securing a contract for a wind power project. (iStock)Premium
KP Energy share price surged by 5% after securing a contract for a wind power project. (iStock)

KP Energy share price was locked in 5% upper circuit on Tuesday's session after receiving a contract for the development of a wind power project. KP Energy share price opened at 409.85 apiece on BSE. KP Energy share price rose 552.94% and outperformed its sector by 425.4% in the past year, as per trendlyne data.

The solar energy firm stated in its exchange filing that it has received a fresh order from Bhathwari Technologies Pvt Ltd for the building of a 9MW wind power project. This project is a component of the wind-solar hybrid power project that will be created in Gujarat. This project is part of the State Transmission Utility (STU) network and falls in under the Captive Power Project section.

The project is expected to be finished in the fiscal year 2024–2025 and involves both supplies and services for turnkey project development.

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Further, on the earnings front, there was an increase of almost 61% in the consolidated net profit for the quarter that ended in March (Q4FY24) compared to 15.48 crore in Q4FY23. Consolidated net profit for the year ended March 31, 2024, valued at 58.32 crores, represented an increase of about 33% over the equivalent year ended March 31, 2023. As to the exchange filing, the company saw its highest-ever bottom line in FY 2023–2024.

The company stated in an exchange filing that it generated 200.80 crores in revenue from the EPC sector in Q4FY24, up almost 40% from the consolidated revenue of 143.47 crores in Q4FY23. The company's revenue from the EPC segment for FY24 was 450.69 crores.

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The reported diluted EPS of the company has enhanced from 6.57 in FY23 to 8.73 in FY24, according to the exchange filing. 

KP Energy's core business activities include the construction of wind farms, the creation of wind power projects and related services, the production of electricity using wind power producing assets, and the operation and maintenance services of wind power projects, mostly in India.

Also Read: Vijay Kedia picks up stake despite LIC booking profit in Anil Ambani-led Reliance Infra during Q4FY24

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Published: 23 Apr 2024, 11:23 AM IST
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