KPI Green Energy shares fell to a day’s low of Rs 332.90 after its June quarter net profit dropped 15% year on year to Rs 94.63 crore.

The stock tumbled sharply on Tuesday, near its 52 week low, after the renewable energy firm’s Q1 results showed profit growth failing to keep pace with rising costs, even though the top line held up well.

Here’s what actually happened. Revenue from operations climbed 15% to Rs 693.84 crore compared to Rs 602.94 crore a year ago, driven by continued execution across the company’s solar, wind and hybrid portfolio.

But profit told a different story. Net profit slipped to Rs 94.63 crore from Rs 111.31 crore in the year ago quarter, and it was also down 39% compared to the March quarter’s Rs 155.47 crore.

The Surat based company said elevated depreciation and financing costs, along with geopolitical uncertainty, weighed on the bottom line.

On a brighter note, EBITDA actually grew 21% to Rs 262 crore from Rs 217 crore, helped by better operating scale and cost discipline.

There’s a bigger growth story unfolding in the background too. KPI Green has expanded its clean energy installation base to 1.87 GW, with another 5.07 GW currently under construction.

The company recently added a new solar site in Rajasthan and has scaled up its power evacuation infrastructure to 5.10 GW.

It’s also targeting a cumulative portfolio of more than 10 GW by 2030, with international plans including a 5 GW clean energy memorandum signed with Botswana.

As of 14:30 pm, KPI Green Energy was trading at Rs 337.65 on the NSE, down 8.56% for the day.

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