Newsnetworks Team- KP Group, a leading player in the renewable energy sector, registered a stellar financial performance in the first quarter of the financial year 2023–24 with an exceptional profit after Tax of Rs. 48.5 crore.
KPI Green Energy Limited, the flagship solar energy company under the KP Group umbrella, reported an income of Rs. 190.6 crore during the April-June quarter of FY 2023-24, representing a growth of 55% over the income of Rs. 122.8 crore in the corresponding quarter of the previous year. The company’s cash profit for the quarter stood at Rs. 50.7 crore, registering a substantial growth of 61% over the cash profit of Rs. 31.5 crore in the same quarter of the previous financial year.
KPI Green Energy’s profit after tax for the quarter jumped 50% to touch Rs. 33.3 crore, up from Rs. 22.2 crore in the same quarter of the previous financial year.
KP Energy Limited, the KP Group’s wind energy company, also equivalently contributed to the good numbers for the first quarter of fiscal year 2023–24. It registered a cash profit of Rs. 15.7 crore, thereby marking a growth of 32% from Rs. 11.9 crore in the same quarter of the previous year. The profit after tax soared by 52% to Rs. 15.2 crore from Rs. 10 crores, In spite of marginal decline of 9% in the revenue for the quarter, to Rs. 113.4 crore from Rs. 125 crore a year earlier.
Collectively, both entities have been displaying a remarkable growth trajectory and continued the same in the first quarter. Combined Income for the April-June quarter of 2023–24 grew by 23% to Rs. 304 crores from Rs. 247.8 crore in the corresponding quarter of the previous fiscal. Cash profit witnessed an impressive upswing of 53%, reaching Rs. 66.4 crore from Rs. 43.4 crore, while the profit after tax surged by 51% to Rs. 48.5 crore, compared to Rs. 32.2 crore in the previous year.
Dr. Faruk G. Patel, Chairman and Managing Director of KP Group, said, “We are delighted with our first quarter performance. The results reflect our excellent project execution qualities in both solar and wind energy and our commitment to the environment and society. We achieved many new milestones during the quarter, setting the stage for robust growth for the rest of the year and the coming years.”
Under Dr. Faruk G. Patel’s leadership, KP Group has achieved significant milestones, including the successful completion of over 1.1 GW of renewable energy projects, with an additional 2 GW in the pipeline. The Group recently secured its largest single order, a 240+ MW project, from Gujarat Urja Vikas Nigam Limited (GUVNL).
KP Group is also committed to the preservation of the environment. It has planted over 0.5 million mangroves and trees across Gujarat and plans to plant 3 million more. Its environmental initiatives have resulted in reducing 3 lakh metric tonnes of carbon emissions to date. KP Group’s CSR initiatives have positively impacted over 10 million lives.
The remarkable financial growth has translated into an exponential increase in shareholder wealth over the last two years. Moreover, the KP Group has received the “Great Place to Work” certification, a reaffirmation of its commitment to providing an excellent workplace environment.
[Note: The data presented above are the unaudited consolidated results for the quarter ended June 30, 2023, and is not for the purpose of legal compliance.]
