The stock of the Adani Group renewable power generation company is trading at its all-time high level on the bourses. It is the top gainer among the S&P BSE 500 index stocks in the calendar year 2019, with market price of the company zoom nearly four-times. In CY19, the stock soared 272 per cent from Rs 42 on the BSE. In comparison, the benchmark S&P BSE Sensex has gained 15 per cent, while the broader index S&P BSE 500 has gained 8 per cent during the year.
Till 10:25 am, a combined 221,857 equity shares changed hands and there were pending buy orders for 425,926 shares on the NSE and BSE.
Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind. The Company has an installed operational capacity of 2,420 MW spread across eleven states in India.
In H1FY20 (April-September), the group won bids for 130 MW wind and 600 MW Hybrid. Post completion of all the bids won and projects under implementation, the Group’s operational capacity would be 5,290 MW.
The Government of India plans to install renewable sources of 175 GW by 2022 and 450 GW by 2030 under the Paris agreement. Adani Green Energy, therefore, believes that its portfolio size will increase significantly, in-line with the industry. The renewable energy tariffs have declined from Rs 9.3/kWh to Rs 3.1/kWh (upper range) and from Rs 5.5/kWh to Rs 2.6/kWh (lower range).
The company had strong operational and financial performance, with an EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 918 crore in H1FY20 and EBITDA margin of 89 per cent. It had reported consolidated net profit of Rs 5 crore in H1FY20, against loss of Rs 262 crore during the same period last fiscal.