Adani Group renewable power company, Adani Green Energy (AGEL), has witnessed a record high market price, 50 percent in past one month. The stock hit a new high of Rs 1,059 up 5 per cent today. It has jumped 23.75% in five trading sessions from its previous closing low of Rs 853.7 posted on 10 November 2020. It hit Rs 1,059.1 in intraday trade today. The stock is up 1049% from its 52-week low of Rs 91.95 hit on 19 November 2019.
On 4 November 2020, on a consolidated basis it announced its Q2 September 2020 result with net profit dropped 81.2% to Rs 18.8 crore on an 11.1% fall in net sales to Rs 599.95 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) came at Rs 7.74 crore lower than Rs 200.4 crore posted in Q2 September 2019. The company received a tax rebate of Rs 5.96 crore in Q2 September 2020.
Sale of energy increased by 22% to 1,187 million units from 970 million units in Q2 September 2019. Company’s total income rose by 1% to Rs 718 crore since last year Q2.
Vineet S. Jain, MD & CEO, Adani Green Energy said, “Adani Green is rapidly moving towards a sustainable future through its focused approach on competency building, operational excellence and putting in place robust systems and processes. In line with our goal of achieving 25 GW of installed capacity by 2025, we have adopted a transformational project development approach to helping rapid capacity scale-up and are working on de-risking of the project pipeline through 3 years of advanced site resource estimation, design planning, supply chain planning and so on. We are also proactively implementing industry best practices for ESG intending to enhance stakeholders value. The financial results for H1 FY21 provide testimony to the strength of AGEL’s business model.”
AGEL is the largest solar company in the world with 12+ GW of operating, in-construction, and awarded solar parks. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects. AGEL and TOTAL SA (TOTAL) had formed a 50:50 joint venture (JV) for 2,148 MW solar power assets in India.