KPI Green- Turning Sunshine Into Cashflows

KPI Green posted a good set of Q2FY24 numbers. The order book looks decent in terms of future growth.

• Revenue grew 34% YoY and 14% QoQ

• PAT grew 67% YoY and 6% QoQ

• PAT margin declined a bit QoQ but is stabilizing in the range of 15%-17%

• 346+ MW projects executed so far till H1FY24

  • 313+ MW cumulative projects executed till FY23
  • 33+ MW projects executed in H1FY24 alone (10% of total execution till FY23)

• 541+ MW total orders in hand (1.56x of total orders executed so far, )

  • 385+ MW new orders received in H1FY24 (1.1x of orders executed till H1FY24)
    • Consists of two big orders: 240 MW under GUVNL tender and 145 MW from Ayana Renewable Power Four Pvt Ltd
  • 156+ MW backlog until H1FY24

• 887+ MW orders already secured out of 1000 MW target by 2025

  • Only need 110+ MW additional orders to hit the target (looks very much possible!)

• ICRA reaffirmed A- (Stable) credit rating for long term at an enhanced rated amount

• Segments:

  • 18% revenue share of IPP (vs 22% in Q1FY24)
  • 82% revenue share of CPP (vs 78% in Q1FY24)

• Unit generation growth under IPP is steadily increasing

  

• Increasing moving towards hybrid model (solar + wind energy) which help grid stability due to reliable, efficient and sustainable approach to energy generation. It enables commercial optimization of transmission charges and the effective utilization of grid capacity.

  • 145+ MW hybrid CPP orders received during Q2FY24
  • 185+ MW hybrid CPP orders as on H1FY24