INKEL net profit increases by 114% to ₹30.74 crore

INKEL Reports 114% Surge in Net Profit to ₹30.74 Crore for FY 2023-24.

Expert Analysis:

• Turnover Growth: INKEL Limited, a state government public-private partnership, has reported a turnover of ₹115.10 crore for FY 2023-24, up 15% from the previous financial year, with net profit increased by 114% to ₹ 30.74 crore.

• Corporate Performance and Strategic Initiatives: Based on improved performance through resource optimization and project diversification, INKEL's board recommends dividends, pending approval at the annual general meeting. The company is pivotal in local renewable energy initiatives and plans expansion into projects outside Kerala.

• Renewable Energy Expansion: The company's strategic focus on renewable energy includes plans to establish 200 MW plants in Maharashtra, Andhra Pradesh, and Rajasthan within two years.

• Hybrid Renewable Project: The subsidiary INKEL-Re has been set up to implement 32 MW project, including 14 MW from wind and 18 MW from solar in Palakkad for a hybrid renewable energy project.

• Consultancy Expertise: INKEL is currently overseeing the construction of 17 government hospital buildings, part of a ₹2,279 crore project funded by the Kerala Infrastructure Investment Fund Board (KIIFB).