Qatar Investment Authority may have picked stake in Adani Green Energy: Report

Qatar Investment Authority has reportedly picked a stake in Gautam Adani-controlled Adani Green Energy shares in a $500 million block deal on Monday, a report on ET Now said. Around 2.7 per cent equity changed hands in a block deal in Adani Green Energy.

Over 1.1 million shares of the Adani Group-owned renewable power producer changed hands in fourteen block deals as of 2 p.m. IST, as per data from Refinitiv, in a price range of Rs 882 to Rs 954 per share, Reuters said.

Since morning, Adani Green Energy stock witnessed heavy trading volumes as around 4.76 crore shares changed hands on BSE, which was much higher than its two-week average of 2.26 lakh shares.

At 1:30 pm, shares of Adani Green Energy were trading at Rs 982.9, down by 3 per cent, on BSE. The shares closed at Rs 1,012.5 apiece on Friday.

Earlier in the day, the stock dropped 12.47 per cent to hit a day low of Rs 886.25 against its previous close of Rs 1,012.55. It was last seen trading 5.20 per cent lower at Rs 959.85. At today's low price, the scrip traded 101.72 per cent higher from its 52-week low of Rs 439.35, hit on February 28, 2023.
The Adani Green stock price has declined 48 per cent on a year-to-date basis.

As per the shareholding data on June 30, 2023, a 56.27 per cent stake is held by the promoter and promoter group, while the rest lies with the public.

AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, underconstruction, and awarded projects catering to investment-grade counterparties.

In the first quarter of FY24, Adani Green reported robust results. Its consolidated net profit rose 51 per cent year-on-year (YoY) to Rs 323 crore as compared to Rs 214 crore in the same quarter last year. Its revenue from operations jumped 33 per cent to Rs 2,176 crore for the June quarter, compared with Rs 1,635 crore in the corresponding period of last year.

The company said its sale of energy went up by 70 per cent YoY to 6,023 million units in the June quarter mainly on the backed of strong capacity addition.

Run-rate Ebitda stood at a strong Rs 7,645 crore, with net debt to run-rate Ebitda standing at 5.3 times, Adani Green Energy said.

The operational capacity during the quarter increased by 43 per cent YoY to 8,316 MW with an addition of 1,750 MW solar wind Hybrid, 212 MW solar, and 554 MW wind power plants over the last year.

In the case of the wind portfolio, the sale of energy jumped 34 per cent, led by capacity addition, though the wind CUF reduced primarily due to relatively lower wind speed, which was higher last year.

The solar-wind hybrid portfolio of 2,140 MW reported a strong hybrid CUF of 47.2 per cent, up 380 basis points backed by new plants with technologically advanced solar modules (including bifacial modules and horizontal single axis trackers) and wind turbines, high plant and grid availability and improved solar irradiation.

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