Adani Green Energy Hits Upper Circuit; Market Cap Nears Rs 1 Trillion

On Monday, shares of Adani Green Energy Ltd were locked in 5 percent upper circuit at Rs 639.05 apiece on BSE after the company posted a robust consolidated net profit of Rs 21.75 crore for June quarter on the back of higher revenue. In comparison, it posted a net loss of Rs 97.44 crore in April-June 2020.

The renewable energy company has inched closer to Rs one trillion market capitalisation at Rs 999.48 billion, making it the most valued Adani Group stock, ahead of Adani Ports and Special Economic Zone Ltd.

In a BSE filing on 11 September, Adani Green Energy reported a total income increase to Rs 878.14 crore in April-June 2020-21 from Rs 675.23 crore in the same period last year.

The net export (of electricity) rose to 1,382 million units in the first quarter, up 24 percent from the year-ago period.

"The Group (firm) has serviced all the debts obligations during the quarter without opting for moratorium as directed by Reserve Bank of India for interest and principal instalments falling due to banks and other financial institutions / lenders," the filing said.

On the impact of COVID-19 pandemic, it said,"the management believes that the impact of this outbreak on the business and financial position of the Group is not significant."

This quarter, the company has cemented its place in the global renewable space by winning the world's largest solar bid and with this it has been ranked as the largest solar power developer in the world by Mercom Capital, Adani said.