Page 11 - Energy Sector

KPI Green Energy Q3 results: Net profit up 47% at Rs 50 cr, revenue doubles

KPI Green Energy Ltd on Wednesday posted a 47 per cent rise in consolidated net profit to Rs 50.60 crore in the December quarter, supported by higher income. It had clocked a net profit of Rs 34.45 crore in the year-ago period, the company said in an exchange filing. The company's total revenue surged to Rs 331.32 crore over Rs 179.66 crore a year ago. Its expenses stood at Rs 259.55 crore in the third quarter of the ongoing fiscal, as against Rs 137.11 crore a year ago. KPI Green Energy Ltd (Formerly known as KPI Global Infrastructure Ltd), is the solar and hybrid vertical of KP Group. The Gujarat-based company develops, builds, owns, operates and maintains solar and hybrid power plants through as an Independent Power Producer (IPP) and as service provider to Captive Power Producer (CPP).

Airtel's Nxtra to procure 140,208 MW renewable energy for data centres

Nxtra, the data centre unit of Bharti Airtel, on Wednesday announced an agreement with Ampln and Amplus Energy to procure an additional 140,208 MWh (megawatt-hour) of renewable energy. With this, Nxtra has fortified its existing commitment of reducing its carbon footprint through renewable energy sources annually by nearly 99,547 tCO2e (stands for 'tonnes of carbon dioxide equivalent'). "As per the agreement, AmpIn Energy and Amplus Energy will set up captive solar and wind power plants of 48 MWdc and 24.3 MW, respectively, for Nxtra's data centres in Tamil Nadu, Uttar Pradesh, and Odisha," the release said, announcing the pact. This is in line with Nxtra's resolve to achieving its net-zero target of 2031 and further strengthen its credentials as India's largest chain of green data centres in the country, the release added. "This is in addition to Nxtra's multiple other interventions to reduce absolute scope 1 and 2 greenhouse gas emissions across its operations by 100 per cent by

GE Power India Q3 results: Net profit at Rs 37 lakh on fall in expenses

GE Power India has turned profitable with a marginal net profit of Rs 37 lakh in December 2023 quarter, supported by a fall in expenses. It had reported a net loss of Rs 139.9 crore in the October-December period of preceding financial year, the company said in an exchange filing on Monday. The company's total income fell to Rs 491.2 crore from Rs 544.5 crore a year ago. Expenses trimmed to Rs 493.1 crore in the reporting quarter from Rs 563.9 crore in the same period last fiscal. In a separate statement, the company said December quarter ended with an order backlog of Rs 3,437.4 crore, down by 14.5 per cent compared to Rs 4,019.7 crore in December 2022. Prashant Jain, Managing Director, GE Power India, said, "In the third quarter of the financial year 2023-24, we continue to see that FGD (flue gas desulfurization) and Hydro PSP (pumped storage project) opportunities are converting to orders slower than anticipated." The services business continues to grow with 56 per cent more o

India's incremental demand to equal UK's current power consumption in 3 yrs

India remains heavily dependent on coal to meet its energy needs

Tata Power Q3FY24 results: Net profit remains muted at Rs 953 crore

The net sales for the company in the same period also registered a modest growth of 3.7 per cent to Rs 14,651 crore from a year ago

Dhamra LNG terminal expansion on the anvil, says Adani Total CEO

Dhamra LNG terminal, India's newest and only terminal on the Eastern coast will take advantage of the Urja Ganga and Indradhanush gas grids, to service the region

Seychelles to work with India on joint biofuels project, says minister

While Seychelles joined the India-led Global Biofuel Alliance last year, it has yet to begin using the alternative fuel

Oil India seeking foreign technology partner for first offshore foray

Global companies like ExxonMobil, Equinor and Baker Hughes are being considered

India Energy Week 2024: OVL likely to lift more crude from Venezuela

Discussions underway to inject more investments into both of OVL's projects in Venezuela

India is scorning the energy bounty that helped to transform China

However, India is desperately short of domestic oilfields. Just 2.6 billion metric tonnes of its estimated 359 billion tonnes of carbon storage capacity is in petroleum reservoirs

Ensuring energy security

India must explore both domestic reform and foreign outreach

Azad Engineering Q3 results: Profit rises to Rs 16.8 crore, revenue up 49%

Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax (PAT) at Rs 16.8 crore for the three months ended December 2023. The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement. The revenue from operations in the third quarter of the current fiscal rose 49 per cent to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago. The company's energy segment accounted for 81 per cent of the total revenue while aerospace and defence business contributed 17 per cent. The exports revenue accounted for 88 per cent. "We delivered 49 per cent Year-on-Year revenue growth in both Q3 FY24 and 9M FY24. This growth is marked by a 3x YoY growth in our aerospace and defense segment. "In the coming years, we expect the this business will contribute to our revenues on par with the energy segment, with oil and gas coming in second," Rakesh Chopdar Chairman & CEO of Azad Engineering, said. The company made it

Govt saves $6 bn on Qatar LNG deal renewal, signs $78 bn pact for 20 years

India on Tuesday signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, in a statement said it has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG. The deal was signed on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. This translates into savings of USD 6 billion over the contract period. Petronet imports 8.5 million tonne per annum (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and has now been extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated ...

Large part of Rs 11 trn capex for FY25 to flow into energy sector: PM Modi

The Interim Budget, presented on February 1, projected a capex of Rs 11 trillion for next year, up from Rs 10 trillion in FY24

India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story. Inaugurating the second edition of the India Energy Week here, Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy. He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030. He said, "In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India." The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before. He also said that the country's primary energy demand will be doubled by 2045. India, Modi said, is the third-largest cons

Mukesh Ambani to Gautam Adani: Big guns firing on the capex front

In the Interim Budget speech on Thursday, Union Finance Minister Nirmala Sitharaman said "private investments are happening at scale"

SBI Mutual Fund looks to garner up to Rs 4,000 cr from energy-focused NFO

The largest fund house SBI Mutual Fund on Monday said it is looking to garner Rs 3,500-4,000 crore of primary subscription from the new fund launch. SBI energy opportunities fund which is an open-ended scheme following the energy theme, will invest in an optimal mix of domestic and overseas companies engaging in activities such as exploration, production, distribution, transportation and processing of traditional and new energy including but not limited to sectors such as oil & gas, utilities and power. The new fund offer opens on February 6 and closes on the 20th, Shamsher Singh, managing director & chief executive said. On the fundraising target during the NFO period, D P Singh, the deputy managing director & joint chief executive, told PTI that more than the primary subscription they are more interested in wider coverage and the aim it cover/get subscriptions from at least 90 per cent of the pin codes and from at least 2.5-3 lakh investors. "From the fund mop-up ...

Adani Total Gas signs agreement with INOXCVA to strengthen LNG ecosystem

ATGL is authorised in 33 Geographical Areas and plays a significant role in the nation's efforts to enhance the share of natural gas in its energy mix

US solar boom opens $2 billion Indian door to banned products from China

Imports of Waaree panels raise questions about how US Customs and Border Protection officials are enforcing a ban on products tied to the repression of Uyghur people in China's Xinjiang region

Coal production increases by 10.3% to 99.73 million tonne in January

The country's coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal. India's coal production was at 90.42 MT in the year-ago period. The coal production in the April-January period rose to 784.11 MT (Provisional) over 698.99 MT during the same period in 2022-23, the coal ministry said in a statement. The country's coal dispatch in January rose to 87.37 MT over 82.02 MT in January last fiscal. As on January 31, the coal stock held by coal companies reached 70.37 MT, it said, adding that this surge reflects an annual growth rate of 47.85 per cent. "Concurrently, the coal stock at Thermal Power Plants (TPP), specifically at the location identified as DCB (Domestic Coal Based), marked a notable increase to 36.16 MT on the same date, with an annual growth rate of 15.26 per cent," it said.