The rise in KPI Green Energy share price came after the company announced that its wholly-owned subsidiary, Sun Drops Energia Private Limited, has received a 13.30 MW solar power plant project.
KPI Green also declared its first interim dividend of Rs 0.20 per share for FY25.
Notably, the stock has risen 7 per cent in two trading sessions following the deal announcement on Friday, July 5, 2024
KPI Green Energy, a member of the KP Group, specialises in the development, construction, ownership, management, and maintenance of renewable power facilities
Shares of KP Green Energy (KPGE) locked in upper circuit for the fourth straight day, up 5 per cent at Rs 619.85 on the BSE on Tuesday at 12:50 pm; in otherwise a weak market.
KPI Green Energy on Thursday posted nearly 36 per cent rise in consolidated net profit to Rs 43.04 crore in the March quarter mainly on the back of higher revenues. The consolidated net profit of the company was Rs 31.77 crore in the year-ago period, the company said in a BSE filing. The company's total revenue increased to Rs 292.96 crore during the quarter from Rs 184.41 crore a year ago. The consolidated net profit during the entire FY24 also increased to Rs 161.65 crore from Rs 109.62 crore a year ago. The board has also recommended final dividend at 2 per cent, i.e. Re 0.20 per equity share of the face value of Rs 10 each for the financial year 2023-24, subject to approval of the shareholders at the upcoming annual general meeting of the company.