Renewable energy solutions provider KPI Green Energy posted a revenue of ₹2.93 billion (~$35.16 million) in the fourth quarter (Q4) of the financial year (FY) 2023-24, an increase of 59% year-over-year (YoY).

The company’s net profit for the quarter stood at ₹430 million (~$5.16 million), a rise of 36% YoY.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the January-March period was ₹ 964.8 million (~$11.58 million), a YoY increase of 71%.

The rise in profits, income, and EBITDA can be attributed to the increase in revenue from the captive segment, which grew by 56% YoY to ₹2.36 billion (~$28.32 million).

KPI Green has an order book of over 552 MW, of which more than 261 MW projects were under the Independent Power Producer segment and 291 MW under the captive power producer segment.

Full Year 2024

KPI Green recorded a total revenue of ₹10.31 billion (~$123.74 million) in FY 2024, an increase of 59% YoY.

The company’s net profit for the period stood at ₹1.62 billion (~$19.44 million), a rise of 47% YoY.

The EBITDA for the April-March period was ₹ 3.44 billion (~$41.28 million), a YoY increase of 62%.

As of March 31, 2023, KPI Green has commissioned more than  445 MW, including  158 MW in independent power producer projects and  287 MW in captive power projects.

Recently, KPI Green Energy raised ₹3 billion (~$36.08 million) through qualified institutions placement. The company’s board approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97).

Earlier, KPI Green acquired a 99.9% equity stake in solar power developer KPark Sunbeat for a consideration of ₹1.26 billion (~$15.1 million). KPI Green said its board of directors had approved the acquisition of 9,900 equity shares of KPark Sunbeat in a related party transaction.