KPI Green Energy announced that the Annual General Meeting (AGM) of the company will be held on 25 September 2024.Powered by Capital Market - Live

KPI Green Energy announced that the Annual General Meeting (AGM) of the company will be held on 25 September 2024.Powered by Capital Market - Live

The agency has also revised its outlook on these ratings to 'positive' from 'stable'. Concurrently, ICRA has reaffirmed the company's short-term rating at '[ICRA] A2+'. ICRA stated that the ratings upgrade considers an improvement in the Group's capital structure, post the fund-raising of Rs. 1,000 crore by KPI Green through the qualified institutional placement (QIP) route in August 2024, which has been mainly utilised to prepay the entire outstanding debt under KPI Green. Also, the part proceeds from the QIP will be used to meet the equity requirement of the recently awarded utility scale independent power producer (IPP) projects under KPI Green. The rating action also factors in a healthy improvement in the Group's scale and profitability inFY2024 and the current fiscal, driven by higher execution of captive power plant (CPP)/engineering, procurement and construction (EPC) orders and the commissioning of the additional IPP capacity. The ratings also factor in the extensive experience of the key promoter in the renewable energy sector and allied power plant setting-up activities. The ratings derive comfort from the long-term and medium-term power purchase agreements (PPA) for its IPP capacities with reputed counterparties and a track record of timely payment of bills from them. The ratings are constrained by the expected moderation in the leverage and coverage metrics of the Group in the medium term owing to the debt-funded nature of the large pipeline of the under-development utility-scale IPP projects of ~1.2-GW (DC)along with the increase in the working capital debt to support the growing CPP order book. Also, the Group remains exposed to the risk of timely execution of the IPP projects without any major cost overruns. The ratings are further constrained by the geographical concentration risk as the Group's entire power generation capacities (IPP+CPP) are in Gujarat. KPI Green Energy is engaged in solar power generation. It provides solar power, both as an independent power producer (IPP) and as a service provider (EPC contractor), to CPP customers. The scrip shed 0.92% to currently trade at Rs 886.05 on the BSE. Powered by Capital Market - Live

KPI Green Energy announced that ICRA has upgraded Company's long-term rating from ICRA A-; Stable outlook to ICRA A; Positive outlook and the short-term rating has been reaffirmed at ICRA A2+. Powered by Capital Market - Live

The domestic entities that have awarded the aforementioned letters of intent (LoIs) are Wolkem India and Mahadev Texo Fab. The said projects are scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order. KPI Green Energy develops and maintains grid connected solar power projects and sells power units generated from the company's solar plants. The company's consolidated net profit surged 98.76% to Rs 66.11 crore in Q1 FY25 as compared to Rs 33.26 crore recorded in Q1 FY24. Revenue from operations climbed 83.78% year on year (YoY) to Rs 348.01 crore in Q1 FY25. The scrip rose 0.99% to currently trade at Rs 895 on the BSE. Powered by Capital Market - Live

Sun Drops Energia, a wholly owned subsidiary of KPI Green Energy, has received Letters of Intent for executing solar power projects with a cumulative capacity of 7 MW under the 'Captive Power Producer (CPP)' business segment of the Company.Powered by Capital Market - Live

KPI Green Energy will hold a meeting of the Board of Directors of the Company on 31 August 2024.Powered by Capital Market - Live

KPI Green Energy announced that the company has achieved zero net debt status on a standalone basis. This milestone underscores our dedication to maintaining a robust financial position and is anticipated to result in considerable savings in the Company's annual interest and finance costs. This achievement not only strengthens our financial foundation but also enhances our credit profile, positioning the Company for sustainable growth. We remain committed to delivering value to all stakeholders through sound financial management and strategic initiatives., stated the company. Powered by Capital Market - Live

The Board of KPI Green Energy at its meeting held on 16 August 2024 has approved the issue and allotment of 1,06,95,187 equity shares of face value of Rs 5/- each, to eligible QIBs at the issue price of Rs 935.00/- per equity share including a premium of Rs 930.00/- per equity share, (which includes a discount of Rs 48.24 (i.e., 4.91%) of the floor price amounting to Rs 983.24/- per equity share, as determined in terms of SEBI ICDR Regulations), aggregating to Rs 1000 crore, pursuant to the QIP. Pursuant to the allotment of equity shares under the QIP, the paid-up equity share capital of the Company stands increased from Rs 60.28 crore consisting of 12,05,65,216 equity shares of face value of Rs 5/- each to Rs 65.63 crore consisting of 13,12,60,403 equity shares of face value of Rs 5/- each.Powered by Capital Market - Live

The qualified institutional placement (QIP), which commenced on 12 August 2024, concluded on 16 August 2024, with a total of 1,06,95,187 equity shares being allotted. The shares were priced at Rs 935 per share, resulting in an issue size of approximately Rs 1,000 crore. The issue price of Rs 935 is at a discount of 4.91%, to the floor price of Rs 983.24 per equity share set for the QIP issue. Pursuant to the allotment of equity shares under the QIP, the paid-up equity share capital of the company increased from Rs 60.28 crore consisting of 12,05,65,216 equity shares of face value of Rs 5 each to Rs 65.63 crore consisting of 13,12,60,403 equity shares of face value of Rs 5 each. Morgan Stanley Asia (Singapore) emerged as the largest allottee, securing a substantial 40.89% allocation. Following, Bofa Securities Europe SA ' ODI received allocations of 6.89%. KPI Green Energy develops and maintains grid connected solar power projects and sells power units generated from the company's solar plants. The company's consolidated net profit surged 98.76% to Rs 66.11 crore in Q1 FY25 as compared to Rs 33.26 crore recorded in Q1 FY24. Revenue from operations climbed 83.78% year on year (YoY) to Rs 348.01 crore in Q1 FY25. The counter declined 0.45% to end at Rs 997.95 on Friday, 16 August 2024. Powered by Capital Market - Live