This Group B stock caught attention on September 13; find out why!

EKI Energy Services has listed India’s first Plastic Project.

EKI Energy Services offers carbon sustainability advisory services to a wide spectrum of projects such as bio-methanation, renewable power, waste management, energy efficiency and water purification. Apart from this, the company also provides advisory services for the validation, registration, monitoring, verification and issuance and supply of eligible carbon credits. The company ventured into the carbon credit supplying business in 2014. The company has been operating in 16 countries for the past 14 years, working on climate action and offset solutions.

On September 13, 2022, EKI Energy Services announced that it has become the first ever company to list a Plastic Project from India under a global accreditation standard. With this, the Indore-based carbon credit expert has become the first ever to list a Plastic Project from the country to generate India’s first ever International Plastic Credits. The project ensures that plastic waste – predominantly Polyethylene Terephthalate (PET) waste, PET flakes and chips is duly sourced and recycled to produce Recycled Polyester Staple Fibre (RPSF) that can be further used in the textile industry for garments and other fabric-based utility products.

In Q1FY23, revenue grew by 162.80% YoY to Rs 508.12 crore from Rs 193.34 crore in Q1FY22. On a sequential basis, the topline was up by 6.86%. PBIDT (Ex OI) was reported at Rs 28.13 crore, up by 199.09% compared to the year-ago period which was reported at Rs 47.80. PAT was reported at Rs 106.98 crore, up by 199.71% from Rs 35.70 crore in the same quarter of the previous fiscal year. On a sequential basis, the bottom line was up by 1.74%.

On Tuesday, September 13, 2022, the scrip ended at Rs 1692, an increase of of 1.41%.