KPI Green Energy Ltd

KPI Green Energy Ltd

₹ 1,775 -1.67%
26 Feb - 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 10,703 Cr.
  • Current Price 1,775
  • High / Low 1,896 / 259
  • Stock P/E 71.0
  • Book Value 53.9
  • Dividend Yield 0.06 %
  • ROCE 24.7 %
  • ROE 53.4 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 38.8%
  • Debtor days have improved from 107 to 83.2 days.
  • Company's working capital requirements have reduced from 173 days to 76.1 days

Cons

  • Stock is trading at 33.0 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

Consolidated Figures in Rs. Crores / View Standalone

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 57 62 75 122 160 179 182 189 215 330
3 18 15 34 33 39 80 107 120 128 120 144 227
Operating Profit 11 30 20 24 29 36 42 53 60 54 69 71 104
OPM % 77% 63% 58% 41% 47% 48% 34% 33% 33% 30% 37% 33% 31%
0 0 0 0 0 1 0 0 0 2 1 1 1
Interest 6 8 7 8 9 14 11 11 12 13 20 18 23
Depreciation 4 5 5 2 3 4 5 6 6 6 9 10 10
Profit before tax 1 18 9 15 17 18 26 36 43 37 41 44 72
Tax % 386% 5% 13% 18% 22% 46% 15% 42% 19% 14% 19% 21% 29%
-3 17 8 12 13 10 22 21 34 32 33 35 51
EPS in Rs -0.52 3.18 1.47 2.26 2.42 1.82 4.10 3.90 6.36 5.86 6.14 6.41 8.39
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
34 59 102 230 644 917
19 32 44 121 435 619
Operating Profit 15 27 58 109 208 298
OPM % 45% 46% 57% 47% 32% 33%
6 0 0 1 3 5
Interest 4 8 16 37 47 74
Depreciation 4 7 13 14 23 35
Profit before tax 13 12 30 59 142 194
Tax % 31% 46% 27% 27% 23%
9 6 22 43 110 150
EPS in Rs 1.64 1.19 4.04 7.98 20.23 26.80
Dividend Payout % 0% 0% 0% 4% 9%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 122%
TTM: 71%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 157%
TTM: 72%
Stock Price CAGR
10 Years: %
5 Years: 137%
3 Years: 346%
1 Year: 517%
Return on Equity
10 Years: %
5 Years: %
3 Years: 39%
Last Year: 53%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 18 18 18 18 36 36
Reserves 81 80 102 136 222 289
40 139 240 446 676 838
22 61 49 177 322 234
Total Liabilities 161 298 409 777 1,255 1,397
84 213 244 482 801 859
CWIP 18 1 21 31 0 3
Investments 0 0 0 0 2 2
59 85 144 264 453 533
Total Assets 161 298 409 777 1,255 1,397

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-17 40 -27 102 159
-15 -119 -63 -189 -309
33 87 101 91 177
Net Cash Flow 1 8 11 4 27

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 143 175 178 58 83
Inventory Days
Days Payable
Cash Conversion Cycle 143 175 178 58 83
Working Capital Days 404 67 282 160 76
ROCE % 11% 16% 20% 25%

Shareholding Pattern

Numbers in percentages

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.

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

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