Gujarat based KP Energy Ltd., (scrip code 539686) announced its successful migration from BSE SME Exchange to Main Board of BSE, today. The company has posted net profit of Rs.7.06 crores for the 6 months period ended September 30, 2018 as against Rs.1.01 crores for the 6 months period ended September 30, 2017. A significant increase in the profits by 599.01%. The company listed on BSE SME on September 25, 2016 has a market cap of 261.15 crores as on October 10, 2018. In past 5 years KP Energy has delivered an annualized revenue growth of 45% from 9.44 Cr in FY14 to 60.07 Cr in FY18.
KP Energy Limited set a benchmark in the wind power industry by winning GUVNL bidding with Rs. 2.43/ kWh in December 2017.
Speaking on the occasion, Farukbhai Patel, Managing Director, KP Energy Limited, said, “We are glad to announce KP Energy’s migration from BSE SME platform to BSE Main Board Platform. It is a delight to have completed this milestone in approximate 2.5 years of listing of our stock on BSE SME. KP Energy has successfully survived the turbulences in the industry in the past few years, we are confident that there are better times ahead, and we are comfortably placed to monetize the benefits of the upswing in wind energy installations.”
Keeping the momentum in pace, KP Energy received allotment of 270 locations for sites being developed in Gujarat for Central Transmission Utility Business in this financial year. The company has also received Stage-I connectivity for all three sites of 400mw each at Vanki & Hajipir at Kutch and Dwarka from Power Grid Corporation of lndia Ltd. (PGCIL). Further, the company has tied up with GE India Industrial (P) Ltd for execution of 300 MW project for India's largest IPP.
Speaking during the event, Ashish Mithani – Whole Time Director and CEO, KP Energy, said, “Team K P Energy is looking forward to be second to none in service side of wind of projects in country. We have visualized a business pipeline of ~1200 MW by 2022 and over a period of time, with more and more exposure to size, technology, quantum, process and delivery pressures, we are gaining ample strength to use every available opportunity in strengthening our numbers. Government have already provided visibility to add about 10000 MW auctions every year and industry is also geared up for apropos supplies & execution and we look forward for a very prosperous, windy, pleasant time ahead for all our shareholders. “
Recently, KP Energy implemented windcube, light detection and ranging (LIDAR) technology at Matalpar Site in Bhavnagar, Gujarat. KP Energy became one of the first private players in the industry to adopt the unique upgraded system for better accuracy, reduced uncertainty and faster wind statistics availability.
“KP Energy got listed on SME Platform of BSE on 25th February 2016 and in less than 3 years the company migrated to the main board of BSE. Migration to the main Board is a vital stand for a company in moving forward, gaining prominence and opening new avenues and opportunities for growth. Migration to the main board is an accomplishment of best practices and compliance, corporate governance and public trust and we at BSE encourage these activities. Growth and impetus is given to the companies that gets to the main board of BSE. Similarly, KP Energy will be a recipient of our support. I am sure that our newest member KP Energy will continue to add value to BSE's success story. I would like to congratulate KP Energy and wish them the best as they forge forward in their business”. Ashishkumar Chauhan MD & BSE speaking during the event.
The wind power industry in India is settling down after a turbulence in the last year. Instilling confidence in the industry the Ministry of New and Renewable Energy (MNRE) has set a target of medium and long term offshore wind energy target of 5GW by 2022 and 30 GW by 2030, respectively. Currently, India has around 71 GW of installed renewable energy capacity, including 34 GW of wind energy.
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