Surat-based KPI Green Energy, a solar and hybrid power provider, posted a revenue of ₹3.5 billion (~$40 million) in the first quarter (Q1) of the financial year (FY) 2025, an 84% year-over-year (YoY) and a 19% quarter-over-quarter (QoQ) increase.

The company also reported a 99% YoY increase in Profit After Tax (PAT) at ₹661 million (~$7.87 million), an increase from ₹333 million (~$3.96 million) in Q1 FY24. Quarter-over-quarter, the PAT rose 53% from ₹430 million (~$5.12 million).

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also saw an 86% jump from ₹705 million (~$8.39 million) last year to ₹1.32 billion (~$0.01 billion) in Q1 FY25. There was also a 37% increase in EBITDA from  ₹965 million (~$ 11.49 million) in the previous quarter.

The company has an installed renewable energy capacity of 473 MW, with 28 MW capacity added in FY25.

As of August 7, 2024, the company has an installed capacity of 2.8 GW and confirmed orders for 2,327 MW. It has 1,067 MW of confirmed orders and 470 MW in the captive power producer (CPP) segment. The company also has received orders for 1,260 MW under the independent power producer (IPP) segment.

As of Q1, the IPP segment contributed a revenue of 13% and 87% in CPP. There has also been a 22.58% increase in units generated under IPP.

KPI Green has 68+ MW installed capacity in the hybrid segment, with 44 MW in IPP & 24 MW in CPP segments.

In June, KPI Green secured ₹6.86 billion (~$82.1 million) funding for a 200 MW solar project in Khavda, Gujarat.

KPI was one of the five companies declared winners in the Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW grid-connected solar power projects with a 500 MW greenshoe option (Phase XXIV).