Adani Green zooms 50% in 14 trading days, market cap crosses Rs 3-trn mark

In the past seven trading sessions, the stock has rallied 36 per cent after the company announced a provisional operational update for Q3

Shares of Adani Green Energy (AGEL) continued their upward movement, hitting a new high of Rs 1,955.90, up 2.6 per cent on the BSE in Wednesday’s intra-day trade in an otherwise weak market. The S&P BSE Sensex was down 0.77 per cent at 60,285 at 11:01 am.

In the past 14 trading sessions, the stock of the renewable energy arm of the diversified Adani Group has zoomed 50 per cent from Rs 1,307.05 on December 30, 2021. In comparison, the S&P BSE Sensex was up 4.3 per cent during the same period.

A sharp rally in stock price of the company has seen, AGEL become the first Adani Group company to cross the Rs 3-trillion market capitalisation (market cap) today. Currently, AEGL has a market cap of Rs 3.04 trillion, the BSE data showed. Adani Transmission (Rs 2.15 trillion), Adani Enterprises (Rs 2.00 trillion) and Adani Total Gas (Rs 1.95 trillion) and Adani Ports and Special Economic Zone (Rs 1.52 trillion) are other Adani Group companies having market cap of over Rs 1.5 trillion, data showed.

In the past seven trading days, the stock of AEGL has rallied 36 per cent, after the company announced a provisional operational update for the third quarter ended December 2021 (Q3FY22) on January 11, 2022.

In Q3, AGEL said sale of energy increased by 97 per cent year on year (YoY) at 2,504 million units in Q3FY22, backed by robust performance in both Solar and Wind portfolios. In Q3FY21, sale of energy stood 1,273 million units. Total operational capacity increases by 84 per cent YoY to 5,410 MW.

Solar portfolio capacity utilization factor (CUF) at 21.9 per cent with 110 bps improvement YoY backed by around 100 per cent plant availability, while wind portfolio CUF at 18.6 per cent with 10 bps improvement YoY backed by around 97 per cent plant availability, AGEL said.

The company further said it signed the World’s Largest Green PPA with SECI to supply 4,667 MW. This takes the total signed PPAs to near 6,000 MW out of 8,000 MW awarded to AGEL under SECI’s manufacturing linked solar tender.

AGEL has one of the world’s largest renewable portfolios, with locked-in growth of 20.3 GW across operational, under-construction, awarded and acquired assets, 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 Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.