Shares of Adani Green Energy, on Monday, hit a new high of Rs 1,245, up 4 per cent on the BSE in intra-day trade, thus surpassing its previous high of Rs 1,220, touched on November 24, 2020. With today’s gain, the stock has zoomed 1,004 per cent from its 52-week low level of Rs 112.70, hit on March 17, 2020.
Adani Green Energy (AGEL), a part of Adani Group, has one of the largest global renewable portfolios over 14,815 MW of operating, under-construction and awarded projects catering to investment-grade counterparties.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation and Solar Energy Corporation of India (SECI) and various state discoms. Since listing on June 18, 2018, the market value of AGEL rose 4346 per cent from Rs 28 on the BSE.
Besides AGEL, Adani Total Gas from the Adani Group rallied 889 per cent from its March 2020 low, while Adani Enterprises surged 672 per cent, followed by Adani Transmission (381 per cent), Adani Ports and Special Economic Zone (262 per cent) and Adani Power (226 per cent). In comparison, the S&P BSE Sensex was trading at 50,515 points at 02:31 pm; gained 97 per cent from its March low of 25,369 points.
On March 8, Adani Wind Energy Kutch Three Limited (‘AWEKTL’), a subsidiary of the AGEL commissioned a 100 MW wind power plant located in Kutch, (Gujarat), 5 months ahead of scheduled date of commissioning. The plant has Power Purchase Agreement (‘PPA’) with the SECI at Rs. 2.82/kwh.
During the October- December quarter (Q3FY21), AGEL reported an over 33-fold jumped in cash profit at Rs 285 crore, against Rs 9 crore in Q3FY20. The significant improvement in cash profit backed by increased revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization). EBITDA margin from power supply in Q3FY21 improved by around 300 basis points to 90 per cent backed by improved plant availability leading to higher energy generation and optimization of operation & maintenance cost, the company said.
Meanwhile, global energy major Total completed acquisition of a 20 per cent equity stake in AGEL by way of acquisition of shares held by Adani Promoter group in AGEL. The French firm made aggregate investment of $2.5 billion towards acquisition of a 50 per cent stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL.