Shares of KPI Green Energy Ltd. are trading flat after reaching a day’s high of Rs 905 on 4th September. The company announced that it has received approvals from the Chief Electrical Inspector (CEIG) for 16 MW of solar power projects under its CPP business.

The solar projects were completed for KPI Green Energy’s clients through its subsidiaries, KPIG Energia Private Ltd. and Sun Drops Energia Private Ltd.

The approvals, granted in the clients’ names, allow for the formal commissioning of these solar power plants.

The regulatory approval is a key step for operationalizing the projects, ensuring they meet safety standards and regulatory requirements set by the Chief Electrical Inspector.

Yesterday, the company announced that its subsidiary secured 7 MW of solar power projects under the CPP segment. Additionally, Sun Drops Energia Private Ltd. received Letters of Intent for projects from Wolkem India Ltd. and Mahadev Texo Fab.

The company’s net profit doubled to Rs 66.11 crore for the quarter ending 30th June 2024, up 99% from Rs 33.26 crore last year.

Revenue for the June quarter of FY25 rose 83.6% year-over-year to Rs 349.85 crore, compared to Rs 190.56 crore in the same quarter last year.

At 12:40 PM, the shares of KPI Green Energy were trading 0.61% higher at Rs 893.65 on NSE.

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