Shares of KP Energy rose by 5% to hit the upper circuit limit in early trading on April 23. This was in response to the company receiving an order from Bhathwari Technologies for the development of a 9 MW wind-solar hybrid power project in Gujarat, as per its recent regulatory filing.

The project is scheduled to be completed by the financial year 2024-25 and is under the captive power project segment. 

The project includes both supply and service for the development of the project on a turnkey basis, and it will be connected to the state transmission utility (STU) network.

KP Energy also reported a consolidated net profit rise of 60% at Rs 24.9 crore during the quarter ended March 2024 due to an increase in income, in its Bombay stock exchange (BSE) filing on April 22. 

The company reported a net profit of Rs 15.5 crore in the January-March period of the preceding 2022–23 financial year. For the whole of FY24, the company’s net profit was Rs 58.3 crore, up from Rs 43.9 crore recorded in FY23.

The total income for the fourth quarter of FY24 increased to Rs 217.4 crore from Rs 151.1 crore the year before, while the company’s revenue was up 39.6% at Rs 207.26 crore against Rs 148.44 crore. 

During the entire fiscal year, the total income rose to Rs 485.5 crore from Rs 442.4 crore in the previous fiscal year. 

The expenses for the reporting quarter were at Rs 183.28 crore, up from Rs 128.56 crore registered in the same period in the last fiscal year. The expenses for FY24 were at Rs 408.18 crore as against Rs 377.41 crore in the previous fiscal year. 

At 3:30 pm, the shares of KP Energy closed at 5% upper circuit at Rs 390.35 on BSE.