KPI Green Energy Ltd

KPI Green Energy Ltd

₹ 1,523 -0.59%
28 Mar - close price
About

Incorporated in 2008, KPI Green Energy Ltd is part of KP Group. They develop, build, own, manage, and maintain renewable power facilities (solar and wind solar hybrid power project) as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs) under the ‘Solarism’ brand. [1]

Group Companies: [2]
KP Energy Limited
KP Green Engineering Private Limited
KPF Green Hydrogen & Ammonia Technology Private Limited
KP Human Development Foundation

Key Points

Business Overview:[1][2]
Company provides solar power, both as
an independent power producer (IPP) and Engineering, Procurement, Construction (EPC) services to Captive Power producers(CPP) customers. Company runs its entire business from its Bharuch plant. Currently, company has an installed capacity of 100 MW of solar power under IPP segment and 100 MW+ of EPC/CPP projects

a) Independent Power Producer (IPP):[3]
Company provides solar energy under third party sale business in Gujarat. It develops and maintains grid-connected IPP solar power projects under ‘Solarism’ brand. Company supplies power, generated from solar power plants to business houses through Power Purchase Agreements (PPA).
b) Captive Power Producer (CPP):[4]
In CPP model, company develops, transfers, operates, maintains and sells grid-connected solar power projects to customers by providing them power evacuation infrastructure along with grid-connected land to generate solar power. Company also offers Operation & Maintenance Services (O&M) through a separate O&M agreement to customers
c) Industrial Plot Sale:[5]
Company sells land parcels to third parties which are taken back on lease for 25 years for developing solar power plant. Company pays a fixed lease rental to land owners as per lease agreement.

  • Market Cap 9,181 Cr.
  • Current Price 1,523
  • High / Low 1,896 / 276
  • Stock P/E 106
  • Book Value 43.8
  • Dividend Yield 0.07 %
  • ROCE 20.6 %
  • ROE 41.0 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 60.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.0%
  • Debtor days have improved from 91.7 to 39.9 days.
  • Company's working capital requirements have reduced from 140 days to 69.8 days

Cons

  • Stock is trading at 34.7 times its book value
  • Promoter holding has decreased over last quarter: -1.75%
  • Company might be capitalizing the interest cost
  • Promoters have pledged 45.5% of their holding.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
14 48 35 55 58 70 116 136 140 95 110 171 275
3 18 15 32 30 36 78 91 92 72 68 117 189
Operating Profit 11 30 20 23 28 34 38 45 47 23 42 54 86
OPM % 77% 63% 58% 42% 49% 49% 33% 33% 34% 24% 38% 32% 31%
0 0 0 0 0 1 0 0 0 2 1 1 1
Interest 6 8 7 8 9 13 8 9 9 11 17 16 21
Depreciation 4 5 5 2 3 4 5 5 5 5 8 9 9
Profit before tax 1 18 9 15 16 18 25 32 34 9 17 30 58
Tax % 375% 5% 13% 18% 23% 31% 8% 41% 19% 9% 23% 21% 29%
-3 17 8 12 13 12 23 19 28 9 13 24 41
EPS in Rs -0.51 3.20 1.48 2.20 2.31 2.25 4.32 3.47 5.08 1.60 2.46 4.39 6.76
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
0 0 0 27 26 32 34 59 102 219 488 651
0 0 0 13 8 13 19 32 38 113 334 446
Operating Profit 0 0 0 15 17 19 15 27 64 106 154 205
OPM % 54% 68% 59% 45% 46% 62% 49% 32% 32%
0 0 0 0 0 -0 6 0 0 1 3 5
Interest 0 0 0 1 2 3 4 8 25 36 37 65
Depreciation 0 0 0 3 2 8 4 7 16 14 19 31
Profit before tax 0 0 0 12 14 8 13 12 23 58 101 115
Tax % 33% 40% 2% 31% 46% 36% 23% 22%
0 0 0 8 8 7 9 6 15 45 78 87
EPS in Rs 0.00 0.00 0.00 7.25 4.89 1.90 1.64 1.20 2.68 8.23 14.46 15.21
Dividend Payout % 0% 0% 0% 0% 0% 0% 4% 13%
Compounded Sales Growth
10 Years: %
5 Years: 73%
3 Years: 102%
TTM: 41%
Compounded Profit Growth
10 Years: %
5 Years: 60%
3 Years: 129%
TTM: 6%
Stock Price CAGR
10 Years: %
5 Years: 130%
3 Years: 353%
1 Year: 447%
Return on Equity
10 Years: %
5 Years: 25%
3 Years: 32%
Last Year: 41%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 0 0 0 4 6 13 18 18 18 18 36 36
Reserves 0 0 0 10 26 36 81 80 94 137 192 228
0 0 0 14 31 44 40 139 286 352 600 771
1 1 12 26 20 14 22 61 51 174 207 147
Total Liabilities 1 1 12 54 83 107 161 298 450 682 1,035 1,183
0 0 0 31 58 49 84 203 297 403 673 730
CWIP 0 0 0 1 8 34 18 1 3 0 0 1
Investments 0 0 0 0 0 0 0 0 22 66 67 64
1 1 12 21 17 25 59 94 128 213 295 387
Total Assets 1 1 12 54 83 107 161 298 450 682 1,035 1,183

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0 0 0 14 9 7 -17 30 19 122 107
0 0 0 -25 -36 -29 -15 -109 -130 -153 -288
0 0 0 14 25 23 33 87 122 29 206
Net Cash Flow 0 0 0 3 -2 0 1 8 11 -3 24

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 30 17 150 143 175 178 57 40
Inventory Days 203
Days Payable 208
Cash Conversion Cycle 30 12 150 143 175 178 57 40
Working Capital Days 89 38 129 404 61 255 94 70
ROCE % 0% 0% 35% 14% 9% 11% 15% 21% 21%

Shareholding Pattern

Numbers in percentages

5 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Feb 2024
52.70% 54.32% 54.45% 54.52% 54.68% 54.70% 54.81% 54.81% 54.81% 54.83% 53.08% 53.08%
0.00% 0.00% 0.00% 2.77% 3.26% 2.42% 2.50% 2.54% 3.48% 4.24% 5.96% 4.87%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06% 0.00% 2.09% 1.53%
47.30% 45.68% 45.55% 42.71% 42.05% 42.88% 42.69% 42.64% 41.66% 40.91% 38.86% 40.51%
No. of Shareholders 7603,7206,4549,57517,56628,48534,51642,51247,86359,42081,4361,18,954

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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