EKI Energy hits the roof on bagging KMRL contract

EKI Energy Services hit an upper circuit of 5% at Rs 621.85 after the company signed a consultancy service contract for carbon credits project of Kochi Metro Rail Project.

Kochi Metro Rail (KMRL) is a joint venture company of the Government of India and the Government of Kerala. The contract has been signed against a tender won by EKI for providing carbon credit advisory services to KMRL.

Under the contract, EKI will ensure development and assistance for Validation, Registration, Verification, Issuance and Trading of carbon credits projects of Kochi Metro Rail Project.

As part of the contract, EKI will ensure end-to-end management of projects eligible for carbon credits including its verification in compliance with the guidelines followed by International Carbon Credit Mechanisms. With the help of EKI, Kochi Metro Rail will also be able to monetize emission reductions and earn additional revenue which it can use to support its multiple developmental initiatives.

Manish Dabkara, chairman & managing director, EKI Energy Services said, This win will enhance our leadership in Government sector projects as an expert in climate change solutions both nationally as well as globally. All of us at EKI are committed to continue offering our strategic solutions for mitigation and emission reduction while helping clients enable a strong climate action and earn additional revenue.

Loknath Behera, managing director, Kochi Metro Rail said, It will not only help us in earning additional revenue but also give the optics to KMRL as a responsible sustainable transport provider. EKI will develop high quality carbon credits from the modal shift transportation project.

EKI Energy Services is a leading carbon credit developer & supplier across the globe. The company's offerings span across carbon credit/asset management, carbon credit generation, carbon credit supply, carbon credit offsetting, carbon footprint management, sustainability audits, as well as carbon neutrality and climate positive initiatives. EKI is having around 15% global market share in carbon industry.

The company's net profit fell 76.3% to Rs 38.09 crore on 40.9% decrease in revenue from operations to Rs 406.57 crore in Q3 December 2022 over Q3 December 2021.

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