KP Energy shares hit 5% upper circuit on securing 9-MW wind power project contract

Shares of KP Energy Limited rallied 5% to hit the upper circuit limit at ₹409.85 apiece on the NSE on Tuesday, April 23, following the company’s announcement of securing a wind power project in Gujarat.

“KP Energy Limited has received a new order for development of a 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat,” the company said in a filing to the BSE.

The project has been awarded by Bhathwari Technologies Private Limited under captive power project segment, the company informed the stock exchange.

The project will be connected to the State Transmission Utility (STU) network. The project includes both supply and service for development of the project on turnkey basis.

Recently, KP Energy released its financial results for the quarter and fiscal year ending March 31, 2024. The company reported healthy growth in its net profit and revenue in Q4FY24.

KP Energy’s net profit increased 60.78% to ₹24.89 crore in March quarter compared to ₹15.48 crore in the corresponding quarter of the previous financial year. The company’s revenue, too, saw an increase in Q4FY24, reaching ₹207.26 crore, up 39.62% from ₹148.44 crore in the year-ago quarter.

The company also recommended a final dividend of 2% amounting to ₹0.1 (10 paisa only) per equity share of a face value of ₹5 each for the financial year 2023-24. This recommendation is subject to approval by the shareholders at the upcoming annual general meeting of the company.

KP Energy Ltd specialises in wind turbine generators and offers turnkey solutions for wind farm projects across India. The company’s core operations include wind farm development, wind power project development and related services, such as electricity generation through wind power assets and operation and maintenance services.

Operational across three segments — Infrastructure Development, Sale of Power, and Operation & Maintenance Services — KP Energy offer various services, including site selection for wind farms, land and permits acquisition, engineering, procurement, construction, and commissioning (EPCC) of wind project infrastructure.