KPI Green Energy Ltd

₹ 908 -0.45%
05 Dec - close price
About

Incorporated in 2008, KPI Green Energy Ltd
is in the business of solar power generation

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 1,641 Cr.
  • Current Price 908
  • High / Low 975 / 253
  • Stock P/E 24.5
  • Book Value 107
  • Dividend Yield 0.29 %
  • ROCE 20.7 %
  • ROE 33.4 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 40.7% CAGR over last 5 years
  • Debtor days have improved from 137 to 57.2 days.
  • Company's working capital requirements have reduced from 137 days to 94.2 days

Cons

  • Stock is trading at 8.49 times its book value
  • Promoters have pledged 50.5% 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

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
17 24 14 48 35 55 58 70 116 136
8 11 3 18 15 32 30 36 78 91
Operating Profit 9 14 11 30 20 23 28 34 38 45
OPM % 53% 56% 77% 63% 58% 42% 49% 49% 33% 33%
0 0 0 0 0 0 0 1 0 0
Interest 5 7 6 8 7 8 9 13 8 9
Depreciation 4 4 4 5 5 2 3 4 5 5
Profit before tax 0 3 1 18 9 15 16 18 25 32
Tax % 704% 54% 375% 5% 13% 18% 23% 31% 8% 41%
Net Profit -1 1 -3 17 8 12 13 12 23 19
EPS in Rs -0.80 0.80 -1.54 9.60 4.44 6.59 6.93 6.74 12.95 10.41
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 TTM
-0 -0 -0 27 26 32 34 59 102 219 381
-0 -0 -0 13 8 13 19 32 38 113 235
Operating Profit -0 -0 -0 15 17 19 15 27 64 106 145
OPM % 54% 68% 59% 45% 46% 62% 49% 38%
-0 -0 -0 0 0 -0 6 0 0 1 1
Interest -0 -0 -0 1 2 3 4 8 25 36 39
Depreciation -0 -0 -0 3 2 8 4 7 16 14 17
Profit before tax -0 -0 -0 12 14 8 13 12 23 58 91
Tax % 33% 40% 2% 31% 46% 36% 23%
Net Profit -0 -0 -0 8 8 7 9 6 15 45 67
EPS in Rs -0.00 -0.00 -0.00 21.94 14.76 5.71 4.93 3.60 8.05 24.70 37.03
Dividend Payout % -0% -0% -0% -0% -0% -0% 4%
Compounded Sales Growth
10 Years: %
5 Years: 53%
3 Years: 86%
TTM: 149%
Compounded Profit Growth
10 Years: %
5 Years: 41%
3 Years: 109%
TTM: 94%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 182%
1 Year: 247%
Return on Equity
10 Years: %
5 Years: 17%
3 Years: 20%
Last Year: 33%

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 Sep 2022
0 0 0 4 6 13 18 18 18 18 18
Reserves -0 -0 -0 10 26 36 81 80 94 137 175
0 0 0 14 31 44 40 139 286 352 449
1 1 12 26 20 14 22 61 51 174 170
Total Liabilities 1 1 12 54 83 107 161 298 450 682 813
-0 -0 0 31 58 49 84 203 297 403 427
CWIP -0 -0 -0 1 8 34 18 1 3 0 2
Investments -0 -0 -0 -0 -0 -0 -0 0 22 66 76
1 1 12 21 17 25 59 94 128 213 307
Total Assets 1 1 12 54 83 107 161 298 450 682 813

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
-0 -0 -0 14 9 7 -17 30 19 122
-0 -0 -0 -25 -36 -29 -15 -109 -130 -153
-0 -0 -0 14 25 23 33 87 122 29
Net Cash Flow -0 -0 -0 3 -2 0 1 8 11 -3

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
Debtor Days 30 17 150 143 175 178 57
Inventory Days 203
Days Payable 208
Cash Conversion Cycle 30 12 150 143 175 178 57
Working Capital Days 89 38 129 404 61 255 94
ROCE % -0% -0% 35% 14% 9% 11% 15% 21%

Shareholding Pattern

Numbers in percentages

8 recently
Mar 2019 Sep 2019 Mar 2020 Sep 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
51.10 51.47 51.47 52.18 52.69 52.70 54.32 54.45 54.52 54.68 54.70
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.77 3.26 2.42
3.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
45.65 48.53 48.53 47.82 47.31 47.30 45.68 45.55 42.71 42.05 42.88

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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