KPI Green Energy Limited, a prominent player in the renewable energy sector, announced that its wholly-owned subsidiary, Sun Drops Energia Private Ltd, has secured Letters of Intent (LoIs) for new solar power projects. The orders, awarded by domestic entities Wolkem India Ltd and Mahadev Texo Fab, are set to be executed within the ongoing financial year 2024-25 (FY25), with a cumulative capacity of 7 MW. The projects will be completed in multiple tranches as stipulated in the agreements.
Following the announcement, KPI Green Energy’s stock saw a positive movement on the BSE, opening at ₹880 per share and quickly gaining momentum, reaching a peak of ₹900.
In its recent filing with the stock exchanges, KPI Green Energy revealed that its subsidiary aims to complete the solar projects within FY25, further solidifying its position in the renewable energy market.
KPI Green Energy also reported robust financial performance for the quarter ending 30 June 2024. The company’s net profit soared to ₹66.11 crore, nearly doubling from ₹33.26 crore in the corresponding quarter of the previous year, reflecting a 99% year-on-year growth. This surge was primarily driven by increased income.
Revenue for the June quarter also showed significant improvement, rising by 83.6% year-on-year to ₹349.85 crore, compared to ₹190.56 crore in the same period last year.
In addition to the financial performance, the Board of KPI Green Energy has approved an interim dividend of 0.20 paisa per equity share, with a face value of ₹5 each, for FY25. The record date for the interim dividend payment was set for 21 August 2024.
Formerly known as KPI Global Infrastructure Ltd, KPI Green Energy Limited continues to lead in the renewable power generation sector, with its headquarters based in Gujarat. The latest developments underscore the company’s ongoing commitment to expanding its solar energy portfolio.
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