Gujarat-based KP Energy Ltd has announced its successful migration from BSE SME Exchange to the Main Board of BSE. 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 profits by 599.01%.
The company, which listed on the BSE SME on September 25, 2016, has a market cap of Rs 261 crores as on October 10, 2018. In the past five years, KP Energy has delivered an annualized revenue growth of 45% from Rs 9.44 crore in FY14 to Rs 60.07 crore in FY18.
KP Energy had set a benchmark in the wind power industry by winning GUVNL bidding with Rs 2.43/kWh in December 2017.
Farukhbhai Patel, Managing Director, KP Energy Limited, said the company achieved this milestone in bare 2.5 years of listing its stock on the BSE SME , despite facing turbulences in the industry over the past few years. It had received allotment of 270 locations for sites being developed in Gujarat for Central Transmission Utility Business in this financial year, besides receiving Stage-I connectivity for all three sites of 400mw each at Vanki and Hajipir at Kutch and Dwarka from PowerGrid Corporation of India, he said, adding that the company has tied up with General Electric India Industrial (P) Ltd for execution of 300 MW project for India’s largest IPP.
“KP Energy has determined very aggressive targets and is now doing capacities around 50MW-100MW with focus on manifold numbers and accomplishing 1231 MW projects by 2022,” he said while noting that the company is involved in providing complete, ene-to-end Balance of Plant (BoP) solutions to wind energy investors and wind turbine generator (WTG) manufacturers, besides undertaking operation and maintenance of these BoP facilities throughout the project life.
Ashish Mithani, Whole-Time Director and CEO, KP Energy, said the company visualized a business pipeline of ~1200 MW by 2022. “The Government has already provided visibility to add about 10000 MW auctions annually and the industry is already geared up for apropos supplies & execution and we look forward to a very prosperous, windy, pleasant time for all our shareholders.”
He said the company’s current business pipeline capacity is set for generating Rs 5 billion in gross revenues and Rs 1 billion in PAT.
Recently, KP Energy implemented windcube, light detection and ranging (LIDAR) technology at Matalpar site of Bhavnagar in Gujarat, while also becoming 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.
The Ministry of New and Renewable Energy (MNRE) has set a target of medium and long-term offshore wind energy target of 5 GW 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.
India is the third-largest energy-consuming country after China and the United States, by accounting for 5.3% of the global energy consumption. It is also the third largest producer of electricity after China and the USA with over 5% share in global generation. However, despite being among the world’s top three power consumers, India’s per capita electricity consumption is significantly lower than world average and the lowest amongst the BRICS (Brazil, Russia, India, China and South Africa) nations. Thermal power plants — while not the fastest growing source — remain the primary source of power generation in India.