KPI Green Energy board meet on May 23 to consider share split, shares extend gains for second straight day

KPI Green Energy Limited on Friday announced that the company’s Board Of Directors will meet on May 23 to consider and approve a proposal for modifying the capital structure of the firm.

This proposal includes subdividing or splitting existing equity shares, each valued at ₹10 and fully paid up, the company informed the stock exchanges.

Shares of KPI Green Energy Limited shares gained as much as 2.34% to hit an intraday high of ₹1,884.4 apiece on the NSE. The renewable energy stock closed 1.59% higher at ₹1,870 apiece on the NSE, extending the gains for a second straight day.

On April 30, in a separate filing KPI Green Energy informed the exchanges about receiving new orders aggregating to 74.30 MW for the execution of solar power projects. Within this allocation, KPI Green Energy has committed to a capacity of 27 MW, of which 20 MW is dedicated to the development of a solar power project integrated within the wind-solar hybrid power project. Two wholly-owned subsidiaries of the company, KPark Sunbeat Private Limited and Sun Drops Energia Private Limited, have undertaken capacities of 30 MW and 17.3 MW, respectively.

In its Q4 earnings report, the company reported a rise in consolidated net profit to ₹43.04 crore in the fourth quarter of the fiscal year 2023-24 against ₹31.78 crore in Q4FY23.

Total revenue for the March quarter rose to ₹292.97 crore, compared to ₹184.41 crore in Q4FY23.

KPI Green Energy Limited’s consolidated net profit for the entire fiscal year 2023-24 stood at ₹161.66 crore compared to ₹109.63 crore in the previous fiscal year.

The company’s board also approved a final dividend of 2%, equivalent to 20 paisa per equity share with a face value of ₹10 apiece for the financial year 2023-24. This recommendation is subject to the approval of shareholders at the annual general meeting of the company.